The Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, on Monday, March 13, 2023, bowed has officially ordered commercial banks to comply with the supreme court judgement which mandates the use of old N,1000 and N500 notes as legal tender till December 31, 2023.
Emefiele, who bowed to pressure from Nigerians stressed that the old N200, N500 and N1,000 would remain legal tender till the end of the year.
The CBN revealed this through a statement titled, “Old N200, N500, and N1,000 banknotes remain legal tender – CBN”, signed by the apex Bank acting Director, Corporate Communications, Isa AbdulMumin.
The statement states, “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 N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”
