The Central Bank of Nigeria (CBN) has said the old N200, N500 and N1000 notes remain legal tender until December 31, 2023 following a ruling from the Supreme Court.
Isa Abdulmumin, CBN spokesperson, announced the development in a statement issued on Monday night.
The development is in compliance with the new directive of the supreme court, extending the validity period of the old notes to the end of the year.
The statement reads: “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 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.”
DAILY GIST reported that a seven-member panel of the apex court held that the old N200, N500 and N1000 remain valid legal tender until 31 December 2023.
The supreme court faulted the entire policy of the CBN, saying the timing and implementation were defective.
The apex court held that the directive by President Muhammadu Buhari to the Central Bank of Nigeria (CBN) for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, the Federal Executive Council (FEC) and the National Council of State and other stakeholders, was unconstitutional.
The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.