Admin l Tuesday, March 14, 2023
ABUJA, Nigeria – The Central Bank of Nigeria, CBN has authorized banks to disburse the 1,000, 500 and 200 old Naira banknotes along with the redesigned banknotes to customers to ease current cash crunch across the country.
In a statement signed by Isa AbdulMumin, Ag Director Corporate Communications, the CBN said it gave the approval in compliance with its established tradition of obedience to court orders, and sustenance of the rule of law that characterized the government of President Muhammadu Buhari and by extension the operation of the Central Bank of Nigeria, CBN as a regulator.
He said Deposit money banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023.
Accordingly, he said the CBN met with the Bankers Committee and has directed that the old N200, N500 and N1000 bank notes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly”, the apex bank said.