The Central Bank of Nigeria, CBN, has finally thawed the ice over the old naira notes validity as directed in the March 3 ruling by the Supreme Court
Ten days after the ruling by the apex court directing that the validity of the old naira notes be extended to December 31, 2023, the CBN has now formally directed deposit money banks to accept and dispense the old naira notes with the new notes for daily transactions.
The directive was announced via a statement by the Acting Director of Corporate Communications, Dr Isa AbdulMumin.
The statement dated March 13, 2023, reads: “I’m compliance with established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria, have been directed to comply with the Supreme Court judgment of March 3, 2023.
Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain kegal tender alongside the redesigned banknotes until December 31, 2023.
“Consequently, all concerned are directed to confirm accordingly.”
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