The Central Bank of Nigeria has finally complied with the judgement of the Supreme Court of Nigeria by declaring the use of old N1000, N500 and N200 notes as the legal tender across the country till December 31st, 2023. In a statement by the CBN spokesperson Isa Abdulmumin on Monday, the CBN said that the
The Central Bank of Nigeria has finally complied with the judgement of the Supreme Court of Nigeria by declaring the use of old N1000, N500 and N200 notes as the legal tender across the country till December 31st, 2023.
In a statement by the CBN spokesperson Isa Abdulmumin on Monday, the CBN said that the announcement was made to comply with the established tradition of the supreme court to sustain the principle of the rule of law.
“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.
Recall that three states from the Northern part of the country, namely, Kaduna, Kogi and Zamfara, had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria naira redesign policy.
After a long legal tussle, in which the supreme court had earlier given an interim judgement to restrain the federal government the CBN and the commercial banks from making February 10th the deadline for the old notes to stop being legal tender.
Despite the injunction, President Buhari announced that the use of old N1000 and N500 would cease to be legal tender, exempting the N200 notes from the announcement.
Recall that the Supreme Court of Nigeria on March 3rd ruled that the 200, 500 and 1000 old Naira notes shall continue to be legal tender till December 31, 2023, describing the federal government’s issuance of the policy as an affront to the 1999 Constitution.
Meanwhile, the CBN has kept mute on the matter since the injunction was made by the supreme court, putting many Nigerians in confusion about the acceptability of the notes across the country as legal tender.
However, the CBN spokesperson stated that the CBN has met with the banker’s committee and has directed them to comply with the distribution of both old and new Naira notes together till December 31st.