Nigerians are relieved as the Central Bank of Nigeria, CBN, has accepted N200,N500 and N1,000 Old notes as legal tender after months of harsh economic condition as a result of the cash crunch.
This was made known in a statement signed by the Ag. Director, Corporate Communications, CBN, Isa AbdulMumin which was made available to Energy Frontier.
“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”, he said.
“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”, he added.