OLD NARIA NOTES 200 500 1000 REMAIN LEGAL TENDER UNTIL DECEMBER 31 - CBN BREAKS SILENCE

Central Bank of Nigeria

Old Naria notes N200, N500, and N1,000 notes are still deemed legal tender through December 31, the CBN declares.

According to the apex bank, this complies with the Supreme Court's decision from March 3, 2023.

Old N200, N500, and N1,000 notes are still valid until December 31, 2023, according to the Central Bank of Nigeria (CBN).

Isa Abdul Mumin, the acting director of corporate communications for the apex bank, made this announcement in a statement on Monday. Ten days prior, the Supreme Court had ordered that old and new naira notes should coexist until the end of the year.

"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.

Old N200, N500, and N1000 notes will be legal tender through December 31, 2023, according to a ruling by the nation's highest court on March 3.

This came about after a lawsuit was filed by 16 Federation states challenging the legality or otherwise of the policy's introduction.

The 16 states, led by Kaduna, Kogi, and Zamfara, had asked the supreme court to nullify and set down the policy because it was putting innocent Nigerians through hardship.

The Supreme Court subsequently found that President Muhammadu Buhari had violated the Constitution of the Federation by issuing orders for the Central Bank of Nigeria to redesign the Naira, adding that the President's disregard for its February 8 order was evidence of dictatorship.

The Presidency, CBN, and AGF remained silent following the Supreme Court's ruling on March 3, confusing many bank customers and Nigerians because the ruling of the top court ran counter to the President's order from February 16 that old N500 and N1000 notes are banned but old N200 notes are still valid until April 10.

The Presidency, however, broke its quiet on Monday, claiming that the President never instructed the CBN and the AGF to disregard the supreme court's ruling.

"The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President," the Presidency noted.

The Presidency also said the President is an absolute respecter of the rule of law and that the "negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust."