Naira Redesign Policy: CBN says old naira notes remain legal tender till Dec 31

The Central Bank of Nigeria (CBN) has directed that the old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023.

 CBN spokesperson, Isa Abdulmumin, announced the development in a statement on Monday evening.

This is coming 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.

The apex bank’s statement comes few hours after the presidency said the CBN had no reason not to comply with court orders on the excuse of waiting for directives from President Muhammadu Buhari.

“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.”

Two weeks ago, the Supreme Court invalidated the naira redesign policy introduced by the CBN, citing a defective timing and implementation. The apex court also  ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.

 Meanwhile, the uncertainty about the true status of things prompted traders and businesses across the country to continue rejecting the old currency.

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