Breaking: Finally, CBN bows to Supreme Court, directs banks to issue, collect old N500, N1000 notes till December 31

The Central Bank of Nigeria (CBN) on Monday night directed all commercial banks to issue and accept old naira notes as legal tender till December 31, 2023.

The compliance is coming 10 days after Supreme court ordered that the federal government and CBN not to jettison of N500 and N1000 notes

The CBN in a statement said, “In compliance with the established tradition of obedience to court orders and sustenance 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, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

“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.”

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