Old Notes to Remain in Circulation till December 31st – CBN

By Admin

The Central Bank of Nigeria has heed to public outcry by obeying the judgment of the Supreme Court to allow the old naira notes be in circulation as legal tender along with the new notes till the end of the year.

According to the Acting Director Corporate Communications Department Dr. Isa Abdulmumin, the decision was 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).

“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”.
The move comes as soothing development as Nigerians have lamented the terrible cash crunch occasioned by the naira redesign policy.