CBN says you’re free to spend your old naira notes and take them to banks

10 days after the Supreme Court verdict on the old naira notes, the Central Bank of Nigeria (CBN) has directed commercial banks to dispense and receive the banknotes as legal tender across the country.

The CBN Acting Director of Corporate Communications, Isa AbdulMumin made this known in a statement on Monday, March 13, 2023.

On Friday, March 3, 2023, the Supreme Court ruled that old naira notes should co-exist with new ones till December 31, 2023, but the CBN and federal government refused to issue any statement in compliance with the court order.

But 10 days after the judgement, the apex bank in a statement titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender" said it has directed commercial banks to comply with the court ruling.

THE CBN statement reversing its policy on redesigned naira notes. (CBN) Pulse Nigeria

The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, 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 issued the statement shortly after the presidency denied instructing the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey the order of the Supreme Court on the matter.