CBN Directs Banks to Receive, Dispense Old N500, N1000 Notes


On Monday, the Central Bank of Nigeria (CBN) directed commercial banks to stop issuing and accepting old N200, N500, and N1000 bank notes.

According to the bank, the notes are still legal tender until December 31, as directed by the Supreme Court.

The CBN announced this in a statement issued by its acting spokesperson, Isa AbdulMumin.

The bank’s directive comes after the Supreme Court ruled that the CBN must extend the use of old banknotes until December 31 due to the policy’s negative impact on Nigerian businesses and households.

“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,” the statement said.

“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.”

Leave a Reply

Your email address will not be published. Required fields are marked *