In compliance with the Supreme Court judgement, the Central Bank of Nigeria CBN has directed banks to accept the old N200, N500 and N1000 notes, saying the old notes remain legal tender. The CBN directive is coming shortly after President Muhammadu Bihari said the apex bank has no reason not to comply with the Supreme Court judgement.Disclosing the CBN directive in a statement, Ag Director, Corporate Communication, CBN, Dr. Isa AbdulMumin, said: “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. Consequently, all concerned are directed to conform accordingly.”
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