It’s Official: CBN Announces Old Naira Notes Remain Legal Tender Till December 31

• The CBN introduced a naira redesign policy that changed the look and feel of the N200, N500, and N1000 notes late 2022.

• However, the apex bank gave a short deadline to phase out the old naira notes, which triggered a cash scarcity across the country.

• At least 16 states subsequently sued the federal government and secured a Supreme Court order that nullified the short deadline.

Eko Hot Blog reports that the Central Bank of Nigeria (CBN) has announced that old N200, N500, N1,000 bank notes remain legal tender till December 31, 2023.

The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin made the announcement in a statement late Monday evening.

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“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,” the statement reads.

“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.”

The statement comes after several weeks of silence from the CBN, which had caused confusion across the country.

The Supreme Court had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.

The apex court gave the order after 16 states of the federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.

The Supreme Court ruled that the CBN breached the Constitution of the Federation in the way it issued directives for the redesigning of the naira notes.

Following the judgement, the Presidency, CBN and the attorney-general of the federation, kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of President Muhammadu Buhari on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.

However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.

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A few hours later, CBN also broke its silence, saying all old naira notes remain legal tender till December 31, 2023 in accordance with the Supreme Court order.

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