Fijabi Olanrewaju
THE Central Bank of Nigeria (CBN) has said that the old N200, N500 and N1000 notes remain legal tender until 31st December 2023.
Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday.
The three-paragraph statement read: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law principle that characterized 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 3rd March 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 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”
This move will expectedly lay to rest the pervasive Naira scarcity that has further improvised citizens and grounded economic activities.