CBN affirms Supreme Court’s ruling, declares old notes legal tender
In compliance with the Supreme Court’s ruling, the Central Bank of Nigeria (CBN) has declared that the old N200, N500, and N1,000 remain legal tender till December 31.
The Sun News reports that the Acting Director Corporate Communications Department Dr Isa Abdulmumin said the move was “in compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN).
“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”.
READ ALSO: Supreme Court declares old naira notes legal tender till Dec 31
The move comes as soothing development as Nigerians have lamented the terrible cash crunch occasioned by the naira redesign policy.
Following the controversies surrounding the new naira notes implementation policy, the Supreme Court in Abuja on March 3rd 2023 ordered that the old N200, N500 and N1,000 notes should remain legal tender till December 31, 2023.
The decision comes after the adjournment of the case filed by some state governors of the All Progressives Congress (APC) seeking that the new naira implementation policy be paused or old and new notes are allowed to co-exist.