By David Oluwaseun
The Central Bank of Nigeria (CBN) has confirmed that old N200, N500, N1,000 notes will remain legal tender until December 31, 2023.
The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin, announced this in a statement on Monday.
AbdulMumin stated that the CBN took the decision based on the Supreme Court’s ruling of March 3, 2022.
“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 read in part.
The CBN’s statement comes after President Muhammadu Buhari absolved himself of any blame for the failure of the apex bank to obey the highest court in the land.
The Presidency statement signed by the Special Assistant to the President on media and publicity noted that the cashless system the CBN is determined to put in place, is supported by the country’s citizens who bear the brunt of the sufferings as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.
