The Central Bank of Nigeria (CBN) has ordered commercial banks to dispense and accept the banknotes as legal tender throughout the nation ten days after the Supreme Court’s ruling on the old naira notes.
Isa AbdulMumin, the CBN’s temporary director of corporate communications, said this in a statement on Monday, March 13, 2023.
The Supreme Court declared on Friday, March 3, 2023, that old and new naira notes should coexist until December 31, 2023, but the CBN and federal government declined to make any announcements in accordance with the court ruling.
But 10 days after the judgement, the apex bank in a statement titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender” said it has directed commercial banks to comply with the court ruling.
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.”
