In total compliance with the Supreme Court’s ruling, the Central Bank of Nigeria ( CBN) has declared that the old N200, N500, and N1,000 remain legal tender till December 31.
The Acting Director Corporate Communications Department Dr Isa Abdulmumin said the move 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.
Source – The Sun
