BREAKING: Finally CBN breaks silence, says old N200, N500, N1,000 Naira notes remain legal tender

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President Buhari alongside CBN Governor Godwin Emefiele, Minister of State Finance, Budget and National Planning Clement Agba, Managing Director of Nigerian Security, Printing and Minting Ahmed Halilu, Chairman ICPC Prof. Bolaji Owasanoye and Chairman EFCC Abdulrasheed Bawa as he presides over FEC and the Launch of the Newly Redesigned Naira Notes in State House on Wednesday.

The Central Bank of Nigeria (CBN) on Monday disclosed that the old N200, N500 and N1000 banknotes remain legal tender till December 31, 2023.

This is in compliance with the directive of the Supreme Court ruling of March 3, 2023 and President Muhammadu Buhari’s official position on the ruling of the apex court.

The acting Director, Corporate Communications, CBN, Isa AbdulMumin in a signed statement said the order is 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, CBN.

The statement said: “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 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 N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly.”