CBN FINALLY ADMITS OLD N500 AND N1,000 NOTES AS LEGAL TENDER

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Sequel to the final ruling of the Supreme Court on case brought before it by the governors of Kogi, Kaduna and Zamfara States, the Central Bank of Nigeria (CBN) has confirmed that both old N1000, N500 and new notes are now legal tender.

The Acting Director of Corporate Communications of CBN, Dr Isa Abdulmumin who disclosed this on Tuesday also affirmed that commercial banks have started issuing both the old and new notes to their customers.

He however insisted that the apex bank is yet to issue an official statement to that effect.

He said, “Banks are paying old notes as well as new notes. They are all legal tender.

“Yes, the CBN has not issued an official statement on the issue. Anyone banks give to you, you can collect. We just want to make life easy for Nigerians.”

In its verdict on the Naira Redesign, the Supreme Court directed the federal government to allow the validity of N200, N500 and N1000 notes till 31 December.

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