CBN ORDERS BANK TO ACCEPT OLD NAIRA NOTES

The Central Bank of Nigeria CBN yesterday night said old 200 Naira, 500 Naira, and 1,000 Naira banknotes remain legal tender till December 31, 2023.

The Acting Director of Corporate Communications of the apex bank’s

Isa Abdulmumin disclosed this in a statement yesterday 10 days after the Supreme Court ruled that old naira notes should co-exist with new ones till the end of the year.

The CBN accordingly met with the Bankers’ Committee and directed that the old banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023, with all concerned directed to conform accordingly.

The Apex court had on March 3 ordered that old notes remain valid till December 31, 2023, after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.