CBN directs commercial banks to accept and dispense old notes 

The Central Bank of Nigeria (CBN) said on Monday, March 13th, that the old N200, N500 and N1000 notes will remain the legal tender until December 31st, 2023. 

Spokesperson of CBN, Isa Abdulmumin, made the announcement via a statement where it was  stressed that the apex bank has ordered commercial banks to dispense and accept the deposit of old Naira notes.

The statement reads: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3rd, 2023,” the statement reads.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31st, 2023.

“Consequently, all concerned are directed to conform accordingly.”