The Central Bank of Nigeria (CBN) finally, on Monday night, announced that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
This comes 10 days after the Supreme Court ruled that the old notes should remain in circulation till the 31st of December, 2023.
Earlier on Monday morning, some Governors, including Prof Charles Soludo, Dapo Abiodun and Babajide Sanwo-Olu who were privy to the decision taken on Sunday night by the apex bank, went ahead to inform members of the public about the development.
They all announced sanctions to be taken against defaulting banks and businesses in their various States.
Soon afterwards, the CBN, on its part, through its spokesperson, Isa Abdulmumin, distanced itself from the Governors’ directives and urged members of the public to wait for its official pronouncement.
Meanwhile with calls from across the country that he clears himself of disobeying the supreme court ruling, President Muhammadu Buhari, Monday afternoon insisted via a press release, that he did not order the CBN Governor, Godwin Emefiele or the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, to disobey the apex court’s ruling.
Hours after, the CBN , in a statement stated that the old notes remain legal tender.
The spokesperson, Isa Abdulmumin, said: “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 December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”
The statement:
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