CBN succumbs, direct banks to accept, disburse old N200, N500, N1000 notes

Ten days after it was delivered, the Central Bank of Nigeria (CBN) on Monday evening complied with the Supreme Court’s ruling on the old naira notes.

The apex court had on March 3 extended the validity of the old N500 and N1000 notes till December 31.

However, the silence of the CBN on the ruling unsettled Nigerians after traders and other business owners refused to accept the old banknotes as means of transaction.

The development forced the Kogi and Ekiti States to threaten individuals and businesses rejecting the old naira notes with arrest and prosecution last week.

Some state governments had given CBN till Tuesday to obey the Supreme Court’s order or face contempt proceedings.

READ ALSO: Old Naira notes: I didn’t tell CBN to disobey Supreme Court judgment

In a statement issued by its Director of Communication, Isa Abdulmumin, the CBN said the old N200, N500, and N1000 notes remain legal tender till the last day of the year.

The statement read: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN) 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 N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

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