New Naira notes, Emefiele and Buhari
The Central Bank of Nigeria (CBN) has finally conform to the Supreme Court’s ruling as it announced yesterday that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
This decision comes days after the Supreme Court decided that the previous notes should continue to be used until December 31, 2023.
Hours after President Muhammadu Buhari stated that he did not direct the CBN Governor, Godwin Emefiele, or the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to disregard the judgement of the supreme court, the CBN issued a statement.
In a statement issued on Monday, Isa Abdulmumin, the CBN spokesperson, reaffirmed that the old notes continue to be valid forms of payment.
“Deposit money banks operating in Nigeria have been directed to comply with the Supreme Court ruling from March 3, 2023,” he said.
He continued, “In accordance 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.
In light of this, the CBN convened with the Bankers’ Committee and decided that the existing N200, N500, and N1000 banknotes should continue to be accepted alongside the new banknotes through December 31, 2023.
“Thus, it is directed that everyone concerned conform properly.”
