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CBN finally gives directive on old naira notes…
The old N200, N500, and N1,000 notes are still valid until December 31, 2023, according to the Central Bank of Nigeria (CBN), which announced this on Monday.
The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023. This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.
The 16 states, led by Kaduna, Kogi, and Zamfara, had asked the supreme court to nullify and set down the policy because it was putting innocent Nigerians through hardship.
The court later found that the President’s disregard for its February 8 order was evidence of dictatorship and that Buhari had violated the Constitution of the Federation by giving the CBN instructions to redesign the Naira.
The Presidency, CBN, and AGF remained silent following the Supreme Court’s ruling on March 3, confusing many bank customers and Nigerians because the ruling of the top court ran counter to the President’s order from February 16 that old N500 and N1000 notes are banned but old N200 notes are still valid until April 10.
What CBN Said.
A statement released on Monday by Isa AbdulMumin, the acting director of corporate communications for the national bank 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,” the CBN clarified.
