CBN orders banks to accept old N500, N1,000
Isa Abdul-Mumumin THE Central Bank of Nigeria, CBN, last night directed all banks to obey the Supreme Court order on the old N200, N500 and N1000 notes. Urging banks to accept old notes from the public. The apex bank in a statement by the Ag Director of Communications, Isa AbdulMumin , said: ''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.. The CBN's directive came shortly af...