The Central Bank of Nigeria (CBN) has announced that the old N200, N500, N1,000 bank notes remain legal tender till December 31, 2023.
CBN’s acting director of Corporate Communications, Isa AbdulMumin stated this in a statement on Monday.
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.”
On March 3, 2023, the Supreme Court ordered that old N200, N500 and N1000 notes and new notes must coexist till December 31, 2023.
Governors of three states, Kaduna,Kogi and Zamfara had originally filed a suit seeking to nullify the Federal Government and the CBN decision to impose a draconic cash policy on the citizens . They were jointed by 13 others
The court ruled that President Buhari breached the constitution of the Federal Republic of Nigeria by taking a unilateral decision in a sensitive issue as Naira redesign introduced by the CBN adding that his disobedience to the court order of February 8 is a pointer to dictatorship.
It will be recalled that since March 3 when the Apex court gave the order, no statement in form of compliance had been made by either the presidency or the CBN leaving Nigerians in a state of confusion amid extreme cash crunch and crushing hardship.
However, the presidency ‘s reaction earlier today dissociating Buhari from disobeying the supreme court order and putting the blane squarely on Malami the Minister for Justice and Emefiele may have triggered the change of heart towards the old naira notes.
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