CBN okays old N200, N500, and N1,000 banknotes as legal tender


THE Central Bank of Nigeria, CBN, had restored the old N200, N500, and N1,000 banknotes as Legal tender in the country.

The CBN said it took the action “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 (CBN).”

The CBN made this known in a statement by Isa Abdulmumin, acting director, Corporate Communications, stating that as a regulator, the CBN, had directed “Deposit Money Banks operating in Nigeria to comply with the Supreme Court ruling of March 3, 2023.”

According to the statement which was made available to Realnews on Monday, March 23, “the CBN issued the directive after its meeting with the Bankers’ Committee during which they agreed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023 as directed by the court.

“Consequently, all concerned are directed to conform accordingly,” the statement said.