BREAKING: N200, N500, N1,000 Banknotes Remain Legal Tender Till December 31 – CBN

Muhammed Abubakar, Reporting

THE Central Bank of Nigeria (CBN) says old N200, N500, N1,000 banknotes remain legal tender till December 31, 2023 in line with the Supreme Court’s judgement.

The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin, made the disclosure in a statement on Monday.

Stonix News reports that this is coming 10 days after the Supreme Court had ruled that old naira notes should co-exist with new ones till the end of the year.

“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 read.

The highest court of the land had, on March 3, ordered that old N200, N500 and N1000 notes be recirculated and remain valid till December 31, 2023.

The judgement came after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.

The 16 states, led by Kaduna, Kogi and Zamfara, had prayed the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.

The Supreme Court, subsequently, ruled that President Muhammadu Buhari’s disobedience of its February 8 order was a sign of dictatorship.

It added that the President breached the Constitution of the Federation in the way he issued directives for the re-designing of the Naira by the CBN.

After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.

However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.

The Presidency also said the President was an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust.”

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