The Central Bank of Nigeria (CBN) has confirmed that old N200, N500, N1,000 notes will remain legal tender until December 31, 2023.
The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin, announced this in a statement on Monday.
AbdulMumin stated that the CBN took the decision based on the Supreme Court’s ruling of March 3, 2022.
“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,” the statement read in part.
The CBN’s statement comes after President Muhammadu Buhari absolved himself of any blame for the failure of the apex bank to obey the highest court in the land.
This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.
The Supreme Court subsequently ruled that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship, adding that the President breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.
After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.