The Central Bank of Nigeria (CBN) has instructed commercial banks to accept and dispense old naira notes as legal tender nationwide. The directive was issued at a Bankers’ Committee meeting on Sunday, according to a statement by Isa Abdul‑Mumin, acting Director of CBN Corporate Communications, released on Monday.
The announcement follows a statement from the Presidency on Monday evening, which said the CBN had no reason to ignore the Supreme Court’s ruling on the naira redesign policy. The Presidency clarified that President Major General Muhammadu Buhari (retd.) had not directed CBN Governor Godwin Emefiele or Attorney‑General of the Federation Abubakar Malami to defy any court orders involving the government.
In a statement titled “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN,” the apex bank affirmed that its directive aligns with the Buhari administration’s tradition of obeying court orders and upholding the rule of law. The statement read: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, 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 N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”
Reports indicate that more than a week after the court’s order, the Attorney‑General and the CBN remained silent, prompting many Nigerians and businesses to reject the old notes as legal tender. State governments that sued the federal government over the redesign have given the Attorney‑General and the CBN Governor until Tuesday to comply with the Supreme Court’s order. They warned they would file contempt charges if the officials fail to obey the apex court, which mandated that the old N200, N500 and N1,000 notes circulate alongside the new ones until December 31, 2023.
The Supreme Court’s seven‑man panel, led by Justice John Okoro and including Justices Emmanuel Agim, Amina Augie, Mohammed Garba, Ibrahim Saulawa, Adamu Jauro and Tijanni Abubakar, delivered the judgment. Justice Emmanuel Agim held that President Buhari breached the constitution by issuing directives for the naira redesign and by ignoring the court’s interim order of 8 February 2023, which required both old and new notes to remain legal tender pending a pending injunction. Justice Agim noted that Buhari’s 16 February 2023 broadcast, which limited legal tender to the old N200 note, demonstrated disobedience and undermined democratic governance. He warned that such defiance “makes the rule of law… illusory” and signals a drift toward autocracy.
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