The Central Bank of Nigeria (CBN) has directed banks in the country to accept deposits in old N500 and N1000 notes as they remain legal tender.
In a statement on Monday evening, the apex bank said the directive was in the tradition of obedience to court orders and sustenance of the rule of law.
“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 reads.
“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.”
Earlier, the presidency had clarified that President Muhammadu Buhari never instructed Abubakar Malami, the attorney general of the federation (AGF), and Godwin Emefiele, governor of the CBN not to comply with the supreme court ruling.
