CBN Gives Directives On Old Naira Notes Hours Buhari’s Statement
The Central Bank of Nigeria (CBN) on Monday announced that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
This is coming days after the Supreme Court ruled that the old notes should remain in circulation till the 31st of December, 2023.
The CBN, however, released a statement hours after President Muhammadu Buhari insisted that he did not order the CBN Governor, Godwin Emefiele or the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to disobey the apex court’s ruling.
The CBN spokesperson, Isa Abdulmumin, in a statement released on Monday, insisted that the old notes remain legal tender.
He said, “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”