Ten days after the Supreme Court ordered the use of old naira notes till December 31, 2023, the Central Bank of Nigeria, CBN, complied with the order, saying old N200, N500, N1,000 banknotes remain legal tender as directed by the apex bank.
In a statement on Monday, the CBN spokesman, Isa AbdulMumin, the apex bank directed banks in the country to comply with the order.
“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,” the statement read.
On March 3, the Supreme Court ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023, following a suit filed by 16 states of the federation challenging the legality or otherwise of the introduction of the policy.
The 16 states led by Kaduna, Kogi and Zamfara had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.
The Supreme Court subsequently ruled that President Muhammadu Buhari’s disobedience of its February 8 order is a sign of dictatorship, adding that the president breached the Constitution of the Federation in the way he issued directives for the re-designing of the naira by the CBN.
