The Central Bank of Nigeria (CBN) last night said that the old N200, N500, and N1000 notes remain legal tender.
This is coming after President Muhammadu Buhari stated that he did not ask the Central Bank of Nigeria and the Attorney General of the Federation to disobey the ruling of the Supreme Court.
According to a statement issued by Isa Abdulmumin, CBN’s spokesperson, he said the new directive was in line with the judgment of the Supreme Court.
The statement read “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.”
Recall, the CBN had for days refused to publicly accept the Supreme Court judgment on the old naira notes, a development that worsened the hardship being faced by millions of Nigerians amid reluctance by traders and some banks to accept the old denominations.
Many lawyers and other pundits had condemned the disposition of the Buhari-led administration to the naira crisis and voiced out their anger over the affront on the highest court in the land.
