CBN Directs Banks to Accept Old Banknotes Alongside Redesigned Ones

The CBN [Central Bank of Nigeria] issued an order to currency custodian banks to comply with the Supreme Court ruling on March 3, 2023.

Thus, the old N200, N500, and N1000 banknotes will be legal tender until December 31, 2023, alongside the redesigned banknotes.

This decision was made in accordance with the established tradition of obedience to the decisions of justice and maintenance of supremacy.

Compliance with Supreme Court ruling

CBN spokesman Isa Abdulmumin revealed the news in a statement on Monday.

The CBN has met with the Council of Bankers and ordered the old notes to be legal tender until December 2023.

This directive applies to all parties involved.

The Presidency clarified that President Muhammadu Buhari doesn’t need to order the CBN to follow the Supreme Court’s order.

Presidential spokesman Garba Shehu said in a statement that it was the CBN’s responsibility to comply with the court order.

Shehu also separated Buhari from the cash shortage and disregarded the Supreme Court’s judgment.

Following the Council of State meeting, the President instructed the CBN to make all required cash available for circulation.