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The previous N500 and N1000 notes may now be used in circulation, according to the Central Bank of Nigeria (CBN).
On Monday, the Central Bank of Nigeria (CBN) ordered commercial banks to accept and dispense the previous N200, N500, and N1000 banknotes. According to the bank, the notes are still valid until December 31 per the Supreme Court’s directive. Isa AbdulMumin, the CBN’s acting spokesperson, said this in a statement.
Naira
Following the Supreme Court’s decision that the CBN must extend the use of the old banknotes until 31 December due to the harmful effects of the policy on Nigerian homes and companies, the bank issued its directive. The statement read, “Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023, in accordance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized by the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator.
The CBN issued its directive after the Supreme Court ruled that due to the negative consequences of the policy on Nigerian homes and businesses, the CBN must extend the use of the old banknotes until December 31.
“Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” read the statement. “This is in keeping 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.
