The Central Bank of Nigeria has complied today with the order of the Supreme Court as touching the use of old Naira Notes till December. This came shortly after President Buhari clarified issues that he never saw why the CBN Governor would have any excuse of waiting for Presidential directive before complying with the order of the Supreme Court.
Few moment after the statement of Mr President, the Central Bank of Nigeria released a broadcast in compliance with the Supreme Court Judgement.
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 judgement 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.
