At last! CBN directs banks to accept old banknotes

Ogunsakin Mustapha
1 Min Read
CBN Gov, Godwin Emefiele

The Central Bank of Nigeria on Monday evening complied with the judgement of the Supreme Court of Nigeria by declaring as valid old N200, N500, and N1000 notes, 10 days after the Apex Court declared as invalid, the Federal Government policy on currency redesign.

In a press statement signed by its Acting Director, Corporate Communications, Isa Abdulmumin, CBN says the directive is in compliance with the Supreme Court order.

The CBN stated that after its meeting with the Bankers Committee, it has directed that Deposit Money Banks have been directed to comply with the ruling of the apex court.

“Accordingly, the CBN met with the Bankers Committee and has directed that the old N200, N500, N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly”, the statement concluded.

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