The Central Bank of Nigeria, CBN, has directed commercial banks to comply with the Supreme Court order which declared old naira notes legal tender until December 31, 2023.
The CBN also ordered the banks to dispense and receive old naira notes as legal tender across the country.
The apex bank gave the directive at a Bankers’ Committee meeting held on Sunday, as contained in a statement by its acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday.
The CBN directive follows a denial by the Presidency exonerating President Muhammadu Buhari from the being the reason behind an alleged disobeying of the March 3 order by the Supreme Court for both old and new naira notes to co-exist.
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The government also argued that the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy, adding that President Buhari did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”
However, the apex bank in a statement shortly after the government’s stated its position, titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN’, said the directive to commercial banks was in compliance with Buhari’s administration obedience to court orders.
The CBN directive to banks, reads;
“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 N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”
