Isa Abdulmumin, CBN spokesperson, announced the development in a statement said the decision was arrived at Bankers’ Committee meeting held on Monday evening.
“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.
“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 Dec.31, 2023.
“Consequently, all concerned are directed to conform accordingly,” the CBN stated.
Two weeks ago, the supreme court invalidated the naira redesign policy introduced by the CBN citing a defective timing and implementation.
Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain Legal tender until the end of the year.
“The Presidency wishes to react to some public concerns that President Buhari did not react to the Supreme Court judgment.
However, It clearly state that at no time did the President instruct the Attorney-General of the Federation and the CBN governor to disobey any court order.
The uncertainty about the true status of things prompted traders and businesses across the country to continue rejecting the old currency.
The apex bank’s statement comes few hours after the presidency said the CBN had no reason not to comply with courts orders on the excuse of waiting for directives from President Muhammadu Buhari.
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