Buhari, CBN finally approve old N500, N1,000 notes as legal tender until Dec 31
President Muhammadu Buhari and the Central Bank of Nigeria (CBN) have finally approved that the old N200, N500, N1,000 notes would remain legal tender until December 31, 2023 following the supreme court ruling.
This was announced by the apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin, in a statement on Monday March 14, 2023.
AbdulMumin said that the CBN took the decision based on the Supreme Court’s ruling of March 3, 2022.
He also confirmed that the CBN met with the Bankers’ Committee and had 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 in part.
The CBN’s statement comes after President Muhammadu Buhari absolved himself of any blame for the failure of the apex bank to obey the highest court in the land.