BREAKING: CBN Finally Bows To Pressure, Gives Fresh Directive On Old Naira Notes
Commercial institutions are now required by the Central Bank of Nigeria to accept and distribute old naira notes as legal tender everywhere in the nation.
According to a statement made on Monday by the interim director of CBN Corporate Communications, Isa AbdulMumin, the order was given by the CBN at a Bankers’ Committee meeting that took place on Sunday.
This comes just hours after the presidency declared Monday night that the CBN had no excuse not to follow the Supreme Court’s decision regarding the naira makeover policy.
It stated that the President, Major General Muhammadu Buhari (retd.), did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”
But the apex bank in a statement titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN’, said the directive was in compliance with Buhari’s administration obedience to court orders.
The statement read, “In compliance with the established tradition of obedience to court orders and
sustenance of the Rule of Law Principle that characterised the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, 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.”
