The Central Bank of Nigeria CBN, has finally announced that the old banknotes of N200, N500 and N1000 would now run concurrently with the new notes.
According to a statement signed by Isa AbdulMumin, the CBN Ag. Director, Corporate Communication, the old notes will remain legal tender alongside the redesigned banknotes till December 31, 2023.
Read the full text below:
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.
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.