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Breaking: CBN Makes Official Statement on Old Naira Notes

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NAIJA NEWS: Breaking: CBN Makes Official Statement on Old Naira Notes [New Naija News] » Naijacrawl
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After several criticism from different quarters, the Central Bank of Nigeria (CBN) on Monday Night said old N200, N500, and N1,000 banknotes remain legal tender Till December 31, 2023.



The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin stated this in a statement on Monday.

“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.

“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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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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Naija News

Breaking: Old naira notes legal tender till December 31 – Supreme Court

Victorious

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NAIJA NEWS: Breaking: Old naira notes legal tender till December 31 – Supreme Court [New Naija News] » Naijacrawl
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The Supreme Court on Friday ordered that the old naira notes must remain in circulation until December 31 this year.The apex court ordered the Central Bank of Nigeria (CBN) to allow both the old and new naira notes to circulate side by side till the end of the year.All directives issued by President Muhammadu Buhari in respect of the naira's redesign and circulation were voided and set aside on grounds of illegalities and abuse of executive powers.The apex court too...
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Naija News

Old & New Notes Remain Legal Tender - CBN

Piroll

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NAIJA NEWS: Old & New Notes Remain Legal Tender - CBN [New Naija News] » Naijacrawl
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The Central Bank of Nigeria has instructed all its branches nationwide to continue issuing various denominations of both old and redesigned banknotes in ample quantities to deposit money banks.The apex bank disclosed this in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and posted on its X handle on Wednesday.This comes in response to reports of cash shortages in major cities, despite earlier assurances from the CBN about sufficient c...
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Naija News

CBN orders banks to start collecting old 500 & 1000 Notes

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NAIJA NEWS: CBN orders banks to start collecting old 500 & 1000 Notes [New Naija News] » Naijacrawl
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Sequel to the long queue being experienced at the Central Bank of Nigeria branches nationwide, the CBN has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.It however pegged the maximum amount the banks can collect at N500,000.The CBN maintained that the old currencies were still no more legal tender.A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office foll...
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