Responses to the CBN’s announcement that older N1000, N500, and N200 notes are still valid till December 31

CBN issues operational guidelines on open banking
The Central Bank of Nigeria (CBN) has ordered banks to collect and issue old naira banknotes as legal tender in Nigeria. The bank said the old N1000, N500 and N200 notes are still legal tender and the policy is in line with President Muhammadu Buhari’s government’s obedience to court orders.

This comes just hours after the Presidency reported that the President had failed to tell CBN Governor Godwin Emefiele and Federation Attorney General Abubakar Malam that they were ignoring the Supreme Court order regarding should not comply with the new memo naira policy.

In a report prepared by The Punch, the CBN said that “the CBN then met with the bankers” of the committee and ordered that the old N200, N500 and N1000 notes be held alongside the redesigned notes by May 31. December 2023 are legal tender. All interested parties are therefore advised to conduct themselves accordingly.”

The report received mixed reactions from the general public, with many using the comments section to share their thoughts on the subject. Some people have also complained about the untold hardships that the naira revision policy has brought to Nigerians.

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