Naira Crisis: 'Old N200, N500, N1,000 Notes Remain Legal Until Dec 31' – CBN
The Central Bank of Nigeria (CBN)has finally bow to pressure as it revealed that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023
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 night, March 13, 2023.
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.
Two weeks ago, the supreme court invalidated the naira redesign policy introduced by the CBN, citing a defective timing and implementation.
Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain legal tender until the end of the year.
However, over one week since the verdict, neither the CBN governor nor the attorney-general of the federation made any official statement about compliance with the apex court ruling.
The uncertainty about the true status of things prompted traders and businesses across the country to continue rejecting the old currency.
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.