…Orders Banks To Accept The Old Notes
The Central Bank of Nigeria has at last said that the old Naira notes of N200, N500 and N1000 denominations remain legal tender in Nigeria.
The reassuring CBN declaration was contained in a statement by the Acting Director, Corporate Communications, Dr. Isa AbdulMumin on Monday.
AbdulMumin said that the CBN decision was in consonance with the policy of the Buhari Administration and the Apex bank to adhere strictly to the rule of law.
According to the CBN Acting Spokesman, commercial banks have been directed to accept the old notes alongside the new ones after a meeting with the Bankers Committee.
“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.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and 1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.”
Credit, except adjusted Headline: THE NETWORK.
