CBN Directs Banks to Accept Old N500, N1000 Notes

The Central Bank of Nigeria (CBN), yesterday, directed commercial banks and other financial institutions in the country to continue to accept and pay out the old N200, N500, and N1,000 notes till December 31, 2023, in line with a recent Supreme Court ruling.

In a statement signed by CBN’s Acting Director, Corporate Communications, Dr. Isa Abdulmumin, the central bank disclosed that it had met with the Bankers’ Committee and directed that the old banknotes remained legal tender alongside the redesigned notes.

The CBN stated, “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 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.”

Meanwhile, state governors have issued directive to businesses and commercial banks to accept old currencies or face dire consequences.  Governors of Lagos State, Mr. Babajide Sanwo-Olu, and Anambra State, Professor Chukwuma Soludo, yesterday, directed residents of their respective states to continue transactions with the old naira notes.

Governor Sanwo-Olu said his directive on collection of the old naira notes was based on the Supreme Court verdict, which extended the validity of the notes to December 31, 2023, and the Bankers Committee’s directive to the commercial banks during its meeting on Sunday, March 12, 2023.

Sanwo-Olu expressed concern at the challenges and suffering Lagosians were currently experiencing as a result of the naira redesign. He warned that any bank branch that refuses to collect the notes will be shut down immediately and reported to the CBN, stating that the Lagos State government will sanction any firm that failed to collect the old notes.

The governor directed Lagos residents to contact the Lagos State Consumer Protection Agency with complaints about any bank that refused to accept deposits of outdated currencies (LASCOPA).

In another development, the CBN Governor, Mr Godwin Emefiele, debunked news report that he had launched a plot against the president-elect, Bola Tinubu.