THE CBN HAS DECLARED THE OLD 500 AND 1000 NAIRA NOTES TO BE LEGAL MONEY.

According to CBN, legal tender now includes both old and new Naira notes.

Dr. Isa Abdulmumin, acting director of corporate communications at CBN, said this on Tuesday, March 7, according to TheCable.

Although the apex bank has not yet released an official announcement, Isa reportedly confirmed that commercial banks have begun issuing both the old and new notes to their customers.

He asserted, “Banks are paying both new and old notes. Each of them is legitimate money.

It’s true that the CBN hasn’t made a formal statement on the subject. Any money that banks provide you is yours to keep. We merely seek to improve Nigerians’ quality of life.

He continued by saying that since the old notes are still an acceptable form of payment, they shouldn’t be rejected.
“No. They can’t turn it down. All of it is legitimate tender, he claimed.

Remember that the Supreme Court issued its ruling on the redesign of the naira last week, ordering the federal government to maintain the legal tender status of the N200, N500, and N1000 notes through the end of December.