The Central Bank of Nigeria (CBN) has finally bowed to pressure from Nigerians.
The apex bank has directed all banks to comply with the supreme court judgement regarding the extension of the old naira notes.
The CBN disclosed this in a statement signed by its Ag. Director, Corporate Communications, Isa AbdulMumin, on Monday March 13, 2023.
In a memo titled: “Old N200, N500, and N1,000 Banknotes Remain Legal Tender”, the CBN compliance with the court orders.
“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,” the statement read.
It added, “Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, A500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.”
The CBN stated that all concerned are directed to conform accordingly.
