Commercial banks in Nigeria have been directed by the Central Bank of Nigeria to dispense and receive old naira notes as legal tender until December 31, 2023.
The directive was issued at a Bankers’ Committee meeting and is in compliance with the Supreme Court ruling of March 3, 2023.
The President of Nigeria, Muhammadu Buhari, did not instruct the CBN Governor or the Attorney-General of the Federation to disobey any court orders involving the government and other parties.
The old N200, N500 and N1000 banknotes will remain legal tender alongside the redesigned banknotes.
The state governments have given the AGF and the CBN Governor until Tuesday to comply with the Supreme Court’s order on the currency.
The apex court had ordered that the old naira notes be allowed to circulate side by side the new notes until December 31, 2023.