THE Central Bank of Nigeria – CBN, announced the restoration of the old N200, N500 and N1,000 notes as legal tender until December 31, 2023, as directed by the Supreme Court.
This was made known in a statement signed by CBN spokesperson, Mr Isa Abdulmumin.
“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,” Abdulmunin said.
“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.”
Earlier in the day, the Presidency had said that the CBN and Attorney General do not need a directive from President Muhammadu Buhari to comply with the Supreme Court order to extend validity of old naira notes till December 2023.
“It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” Presidential spokesman Mr Garba Shehu said in a statement.
Shehu distanced Buhari from the scarcity of cash and the noncompliance with the Supreme Court order.
“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law,” he added.