CBN finally Bows to Pressure, says Old Naira Notes Legal Tender

Exactly 10 days after the Supreme Court judgement mandated the use of old N,1000 and N500 notes as legal tender till December 31, 2023, the Central Bank of Nigeria Governor, Godwin Emefiele, on Monday bowed to pressure and officially ordered commercial banks to comply with the court verdict.

He also announced that the old N200, N500 and N1,000 would remain legal tender till the end of the year.

Emefiele said the decision followed a meeting with the Bankers’ Committee that held on Sunday.

The development has put an end to the confusion over the legality of the old naira notes. The action is also expected to ameliorate the suffering of Nigerians who have faced severe hardships over the scarcity of new naira notes amid the controversial ban on the old notes.

The acting Director, Corporate Communications, Isa AbdulMumin, disclosed the latest development in a statement titled, ‘Old N200, N500, and N1,000 banknotes remain legal tender – CBN’.