Naira crisis: Previous N200, N500, and N1,000 notes are still valid till December 31

The previous N200, N500, and N1,000 notes will continue to be accepted as legal money through December 31, 2023, according to the Central Bank of Nigeria (CBN).

Isa AbdulMumin, the acting director of corporate communications for the top bank, made this announcement in a statement on Monday.

According to AbdulMumin, the CBN made its choice in light of the Supreme Court’s judgement on March 3, 2022.

As a result, the CBN convened with the Bankers’ Committee and decided that the existing N200, N500, and N1000 banknotes should continue to be accepted alongside the new banknotes through December 31, 2023.

Hence, all parties involved are instructed to conform, according to part of the statement.

The CBN released a statement after President Muhammadu Buhari disclaimed any responsibility for the top bank’s refusal to follow the ruling of the supreme court.