BREAKING: CBN Officially Declares Old Naira Notes Legal Tender

The Central Bank of Nigeria has declared old naira notes of N500 and N1000 as legal tender.

The declaration by the apex bank is coming just hours after President Muhammadu Buhari denied directing the apex bank and the Attorney-General to disorder an order of the Supreme Court.

In a statement on Monday, the President said the CBN needed not to wait for his directive to obey the apex court’s order of March 3 order, and exonerated himself from the hardship the naira policy caused Nigerians.

However, in a quick follow-up, the apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin said the old 500 and 1000 naira notes remain legal tender till December 31.

The CBN’s directive 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 directive reads;

“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.

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“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.