Old N200, N500, And N1,000 Banknotes Remain Legal Tender – CBN

The Central Bank of Nigeria (CBN) has gone back on its initial stance, following a court order, and has permitted the continued use of old N200, N500, and N1,000 banknotes as legal tender.

A circular released by the CBN and signed by Isa AbdulMumin, Ag. Director, Corporate Communications, stated:

“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 judgement 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.”

On the streets, though, the hardship continues as it’s expected to take some time for the notes to properly re-circulate.