CBN Okays the Use of Old Naira Notes till December 31

The Central Bank of Nigeria, CBN, has directed all banks, traders, petrol stations and others concerned to start collecting the old naira notes with immediate effect.

This is after bowing to pressure from Nigerians and said the old N200, N500, N1,000 bank notes remain legal tender Till December 31, 2023.

The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin stated this in a statement on Monday.Naira: Supreme Court Extends the Use of Old Naira Notes to December

The statement said,  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 March 3, 2023.

The statement further noted that 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.

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