The Central Bank of Nigeria (CBN) has complied to Supreme court order that invalidated the naira policy, while disclosed that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
CBN spokesperson, Isa Abdulmumin, who announced the development in a statement, stressed that the apex bank has ordered commercial banks to dispense and accept the deposit of old Naira notes.
Recall that the Supreme Court invalidated the new naira design policy initiated on the grounds that it was not done with due consultation, in line with constitutional provisions, while ordered that the old naira notes shall continue to be used side by side with the new naira notes till December 31, 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 ruling of March 3, 2023,” the statement reads.
“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”.
This also came after the Presidency stated clearly that at no time did President Muhammadu Buhari instruct the Attorney General, Malami and the CBN Governor, Godwin Emefiele to disobey any court orders involving naira policy.
In a statement released by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu on Monday, while reacting to public concern over the President mute to the the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes.
He added that as for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty, reinforce incorruptible leadership of the President.
“It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President”, the Presidency said.