UPDATE: CBN DIRECTS COMMERCIAL BANKS TO DISPENSE AND RECEIVE OLD NAIRA NOTES
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The Central Bank of Nigeria (CBN) on Monday night announced that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
This was stated in a press release signed by the Acting Director of Corporate Communications, Isa AbdulMumin, he said that the apex bank has “ordered commercial banks to dispense and accept the deposit of old Naira notes.”
“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,” the statement reads.
“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.”
The Presidency also said that CBN had no reason not to comply with court orders on the excuse of waiting for directives from the President.
The statement by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said that Buhari had never interfered in the activities of the judiciary and had no reason to do that now he has few months to exit from office.
Shehu added, “The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes.
“The Presidency states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.
“Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.”
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