Finally, Emefiele bows To Supreme Court Judgement, plays Old N500, N1000 Banknotes As Legal Tender

Finally, Emefiele bows To Supreme Court Judgement, plays Old N500, N1000 Banknotes As Legal Tender

The Central Bank of Nigeria (CBN) has finally bowed to pressure, after announcing that Old N500, N1000 Banknotes now remain Legal Tender.

In a statement, the acting Director, Corporate Communications, Isa AbdulMumin, at the late hour of Monday.

The statement read in full:

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.