The Central Bank of Nigeria CBN has directed commercial banks to comply with the Supreme Court ruling with respect to old Naira notes to be recognized as legal tenders.
This is contained in a press release signed later Monday by the CBN Acting Director, Corporate Communications, Isa AbdulMumin.
The release reads part: “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 directive came barely after President Buhari said later Monday through his Senior Special Assistant on Media and Publicity, Garba Shehu, that the CBN didn’t need to wait for him to talk before obeying the ruling of the apex Court.
