Finally, CBN Approves Old Notes as Legal Tender

By Alabidun Shuaib AbdulRahman

The Central Bank of Nigeria, CBN, has stated that the old N200, N500, and N1,000 banknotes will remain legal tender until December 31, in compliance with the Supreme Court’s March 3 ruling.

Isa AbdulMumin, CBN’s Acting Director, Corporate Communications, explained that this is in line with the established tradition of obedience to court orders and the rule of law principle that characterises the Buhari administration.

Following a meeting of the Council of State, the presidency, through Senior Special Assistant on Media and Publicity to the President, Malam Garba Shehu, stated that President Muhammadu Buhari had directed the CBN to make all needed money available, but did not instruct Emefiele or Attorney-General of the Federation, Abubakar Malami, to defy any court order.

The CBN has directed Deposit Money Banks in Nigeria to comply with the Supreme Court’s judgment, and the old notes will be accepted alongside redesigned banknotes until December 31.