Naira Policy: We Have No Idea of Supreme Court’s Order – CBN

The Central Bank of Nigeria, CBN says it has no knowledge of the Supreme Court’s rule which rendered the old N200, N500, and N1,000 notes legal tender until December 31.

On Saturday, an official of the CBN told The Nation that the communications department has not been informed of any new developments on the Supreme Court judgement.

The Supreme Court had on Friday ruled that the old banknotes will remain as legal tenders while also declaring that the N20,000 withdrawal limit set by the apex bank was illegal.

Meanwhile, the official was responding to the question of when the CBN will start releasing cash to banks.

The official said: “we don’t have that information.”

Asked if the Supreme Court judgement describing the N20,000 withdrawal limit as illegal will negatively impact the CBN’s cashless policy,

Another official of the CBN said:

“The cashless policy has been in operation since 2012 and many Nigerians are already keying into the idea.”

Findings revealed that without any official pronouncement from the CBN, Deposit Money Banks (DMBs) cannot act outside the last instruction by the apex bank that N20,000 will be the withdrawal limit for individual account holders.