The Central Bank of Nigeria, CBN, has, at last, announced that the old N1000, N500, N200 bank notes shall remain legal tender till December 31, 2023 in accordance with the ruling of the Supreme Court.
Isa Abdulmumin, CBN’s Acting Director of Corporate Communications, made the announcement in a statement on Monday.
The statement read: “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.”
Some state governments had dragged the Federal Government to court over its naira redesign and cashless policies but the government largely ignored the apex Court’s ruling on the matter, before adjourning it, which allowed the status quo until the main suit was determined.
At the resumed hearing of the suit, the Supreme Court frowned at the disobedience of its order, adding that the way the predident issued directives for the re-designing of the naira by the CBN was dictatorial and a breach of the Constitution of the Federation.
Consequently, the apex court on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023.
However, since that ruling, neither the Presidency, CBN nor the AGF said anything on the matter, thereby creating confusion and more hardship for the people and banking public.
