FG Cautioned against Additional Borrowing from Central Bank

BREAKING: CBN clears air on acceptance of old Naira notes

Monday, the Central Bank of Nigeria (CBN) announced that the old N200, N500, and N1000 notes are valid until December 31, 2023.

In a statement, CBN spokesperson Isa Abdulmumin explained that the central bank has instructed commercial banks to distribute and accept deposits of old Naira notes.

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See the press release below;

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The release 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,” the statement reads.

“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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