The Old N200, N500, and N1,000 banknotes are still valid until December 31, 2023, according to the Central Bank of Nigeria (CBN), which announced this on Monday.
Isa AbdulMumin, the acting director of corporate communications for the apex bank, made this claim in a statement on Monday.
"In accordance with the long-standing tradition of deference to court orders and upholding the Rule of Law Principle that has characterized the administration of President Muhammadu Buhari, and consequently the activities 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.
In light of this, the CBN convened with the Bankers' Committee and decided that the existing N200, N500, and N1000 banknotes should continue to be accepted alongside the new banknotes through December 31, 2023.
"Thus, it is directed that everyone concerned conform properly." The Old N200, N500, and N1000 notes are still valid through December 31, 2023, according to a ruling by the nation's top court on March 3. This came about after a lawsuit was filed by 16 Federation states challenging the legality or otherwise of the policy's establishment.
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