The Central Bank of Nigeria, CBN, has stated that the old money of N200, N500, and N1000 will continue to be legal tender even beyond December 31, 2023, which was earlier given as the expiration date.
Speaking on Tuesday, a press statement signed by the Director of Corporate Communications, Dr Isa Abdulmumin stated that banks will continue to issue and accept old and redesigned banknotes.
It revealed that the Central Bank was working assiduously to remove the court ruling on the banknotes.
In February 2023, the country came to a halt after the Central Bank of Nigeria chaired by the former Governor Godwin Emefiele redesigned and stated that the old legal tender would cease to be accepted as legal tenders in the country.
The act caused a lot of panic as the redesigned banknotes were scarce and traders refused to accept the old notes as legal tenders.
POS operators charged as much as N5000 to withdraw N10,000 which contributed to the growing frustration in the country.
