Why CBN Directs Commercial Banks to Accept, Pay Out Old N500, N1,000 Notes

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The Central Bank of Nigeria (CBN), on Monday night, directed commercial banks and other financial institutions in the country to continue to accept and pay out the old N200, N500, and N1,000 notes till December 31, 2023,

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in line with a recent Supreme Court ruling. In a statement signed by CBN’s Acting Director, Corporate Communications, Dr. Isa Abdulmumin, the central bank disclosed that it had met with the Bankers’ Committee and directed that the old banknotes remained legal tender alongside the redesigned notes.

 

But in apparent reaction to public unease over the federal government’s long silence and delayed response to the March 3 Supreme Court ruling on the currency redesign, the presidency said the CBN did not need a further directive from President Muhammadu Buhari to comply with the apex court’s order. The presidency said this in a statement by presidential spokesperson, Mallam Garba Shehu.

 

Relatedly, the Nigeria Labour Congress (NLC), yesterday, gave the federal government a one-week ultimatum to resolve the present scarcity of both the naira and petrol, which had caused untold hardship to the masses or face nationwide worker’s strike.

 

“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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