BREAKING: CBN finally directs banks to receive, dispense old N200, N500 and N1,000 notes

CBN To Fine Banks N1 Million Per Day For Not Picking New Naira Notes

The Central Bank of Nigeria has finally spoken out on the naira redesign controversy, stating that the old N200, N500, and N1,000 banknotes will remain legal tender until December 31, 2023.

This information was disclosed in a statement issued on Monday by the CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, who stated that the directive was given during the Bnakers’ Committee meeting on Sunday.

  • The statement from CBN reads, “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.
  • “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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