The Central Bank of Nigeria (CBN) on Monday, 13 March 2023, stated that old 200, 500, and 1,000 naira notes are to remain legal tender till 31 December 2023.
Old 200, 500, and 1000 Naira Notes
This was made known by the apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin, with a statement he released on that Monday.
He stated that “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.”
Nigeria’s Supreme Court, the highest court of the land, had on March 3 ordered that old N200, N500, and N1000 notes remain valid till December 31, 2023. This was after 16 states of the Federation instituted a suit to challenge the legality, or otherwise, of the introduction of the policy.
This settles the cashless monetary policy that has been causing lots of harm over the months since January.
Though, there are reports that some businesses and petty traders have refused to collect the old money as instructed by the CBN. Nonetheless, with time Nigerians would get used to the old naira notes again. Different State Governments have ordered that banks or businesses who disobey the court order to collect old naira notes or dispense old naira notes shall be visited to hard hand.