The Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) to comply with the supreme court ruling of March 3,2023 on old naira notes.
CBN said this 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, the operations of the Central Bank of Nigeria (CBN).
A statement signed by its Ag. Director, Corporate Communications, Isa AbdulMumin, noted that 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.
CBN said all concerned are directed to conform accordingly.
