CBN Restores Old Banknotes as Legal Tender Until Dec 2023

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to comply with the Supreme Court ruling of March 3, 2023. As a result, the old N200, N500 and N1000 banknotes will remain legal tender alongside the redesigned banknotes until December 31, 2023. This decision was made in compliance with the established tradition of obedience to court orders and the sustenance of the Rule of Law Principle.

Compliance with Supreme Court ruling

CBN spokesperson Isa Abdulmumin made this disclosure in a statement on Monday. The CBN met with the Bankers’ Committee and has directed that the old banknotes remain legal tender until the end of December 2023. The directive applies to all concerned parties.

Presidency clarifies Buhari’s role in directive

The Presidency has clarified that President Muhammadu Buhari does not need to give a directive to the CBN to comply with the Supreme Court order. In a statement, Presidential spokesman Garba Shehu said that it is the responsibility of the CBN to comply with court orders. Shehu also distanced Buhari from the scarcity of cash and noncompliance with the Supreme Court order. The President’s directive after the meeting of the Council of State is that the CBN must make all needed cash available for circulation.