Old And New N200, N500 and N1,000 Notes Remain Legal Tender Till December 31 – Emefiele

After the Supreme Court judgment mandated the use of old N,1000 and N500 notes as legal tender till December 31, 2023, the Central Bank of Nigeria Governor, Godwin Emefiel has come out to officially order commercial banks to comply with the court verdict.

He recently had his say via a press statement, and Nigerians have been reacting.

According to him, in compliance with the established tradition of obedience to court orders, banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.

He added that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

His words, “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Major General Muhammadu Buhari (retd.), and by extension, the operations of the Central Bank of Nigeria, 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 N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”

WOW.