BREAKING: CBN DIRECTS BANKS TO COMPLY WITH SUPREME COURT ORDER ON CASH SWAP

The Central Bank of Nigeria (CBN) has directed Deposit Money Banks to comply with the Supreme Court’s judgement of March 3, which revalidated the old N1,000, N500 and N200 notes as legal tender till December 31, 2023.

The directive was contained in a statement by CBN’s acting Director, Corporate Communications, Isa AbdulMumin, on Monday.

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 Muhammadu 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.”