BREAKING: Old N500, N1000 notes remain legal tender – CBN

 The Central Bank of Nigeria (CBN) announced on Monday that its conventional N200, N500 and N1000 banknotes will remain legal tender until 31 December 2023.

CBN spokesman Isa Abdulmumin announced the development in a statement, highlighting that Apex Bank has ordered commercial banks to hand over old naira notes and accept deposits. 

Here is the explanation:

“In keeping with the established tradition of obeying court orders and upholding the rule of law that characterizes the government of President Muhammad Buhari and thus the operation of the Central Bank of Nigeria (CBN) as a regulator, Money Bank has been ordered to submit the Supreme Court's judgment dated March 3, 2023," the statement said.

“The CBN has therefore met with the Banking Commission and ordered the conventional N200, N500 and N1000 banknotes to remain legal tender alongside the redesigned banknotes until December 31, 2023.