The Central Bank of Nigeria (CBN) has announced that old N200, N500, and N1,000 banknotes will remain legal tender till December 31, 2023. This announcement comes after the Supreme Court’s ruling that old naira notes should coexist with new ones until the end of the year.
According to the Acting Director of Corporate Communications at the CBN, Isa AbdulMumin, “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.”
The decision was made in compliance with the established tradition of obedience to court orders and the principle of the rule of law that characterizes the government of President Muhammadu Buhari, as well as the operations of the CBN as a regulator.
The Supreme Court had earlier ordered that old N200, N500, and N1000 notes remain valid till December 31, 2023. The ruling was made after 16 states of the Federation challenged the legality of the policy, claiming it was inflicting hardship on innocent Nigerians. The court ruled that President Muhammadu Buhari’s disobedience of its February 8 order was a sign of dictatorship, and that the President breached the Constitution of the Federation in the way he issued directives for the redesigning of the Naira by the CBN.
After the March 3 judgment by the Supreme Court, the Presidency, CBN, and the AGF kept silent, causing confusion among bank customers and Nigerians as the ruling contradicted the directive of the President on February 16 that old N500 and N1000 notes were banned and old N200 notes remained valid until April 10.
The CBN’s announcement will provide clarity and relieve confusion among the public, allowing old N200, N500, and N1000 banknotes to continue as legal tender till December 31, 2023. The decision will also ease the burden on the public and reduce the pressure on financial institutions to replace old notes with new ones.
Source: Channels TV
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