After several days of silence, the Central Bank of Nigeria (CBN) has finally spoken on the ruling by the Supreme Court that declared that the old 200, 500 and 1000 Naira notes remain legal tender in the country.
In a statement signed by the CBN’s Acting Director, Corporate Communications, Isa Abdulmumin, and made public on Monday (March 13, 2023), the apex bank said it will comply with the ruling of the apex court which was delivered on Friday March 3, 2023.
The statement reads: “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 judgement 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.”
Recall that Nigerians had been thrown into economic crises following the policy by the CBN to redesign some of the countries currency notes and also encourage cashless transactions.
This led a number of State Governments to take the Federal Government of Nigeria to the Supreme Court with the apex court finally delivering judgment against the Federal Government on March 3, 2023.