The previous N500 and N1000 notes may now be used in circulation, according to the Central Bank of Nigeria (CBN). This was acknowledged in a statement released by the apex bank on Monday night.
According to a statement made by CBN spokesperson Isa Abdulmumin, the top bank has ordered commercial banks to begin issuing and accepting old notes.
Deposit Money Banks operating in Nigeria have been instructed to comply with the Supreme Court ruling from March 3, 2023, in accordance with the established tradition of court order obedience and maintenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator.
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. As a result, everyone involved is commanded to do so.
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