CBN Directs Banks to Comply With Supreme Court Judgement On old Naira notes
The Central Bank of Nigeria has finally broken its silence on the controversy surrounding the naira redesign policy as it said that the old N200, N500, and N1,000 banknotes remain legal tender till December 31, 2023.
This disclosure is contained in a statement issued on Monday by the CBN’s Acting Director of Corporate Communications, Isa AbdulMumin, who said that the directive was given at the Bankers’ Committee meeting held on Sunday.
This is coming nearly over a week after the Supreme Court ordered the federal government to accept the old naira notes as a legal tender until December 31, 2023.
The statement from CBN reads,
“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.”
This is coming hours after the Presidency Monday evening said the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.
Despite the statement from the central bank, it failed to address the issue of the cash withdrawal limits
