Finally, CBN directs banks and citizens to accept old notes till Dec.

BrandPower Magazine 13/03/2023Last Updated: 13/03/2023

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CBN declared on Monday that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till Dec. 31, 2023.

It said in a statement issued by its Acting Director, Corporate Communications, Alhaji lsa AbdulMumin that the decision was reached at a meeting of the Bankers Committee.

“In compliance with established tradition of obedience to court orders the CBN as a regulator and Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3.

“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.

This confirms Governor Soludo’s statement this morning that the CBN had directed banks and citizens to accept the old notes for business transactions.

However, it is coming after a public disclaimer that the president never asked the CBN and the AGF to disobey the supreme court judgement on the matter.

According to a statement by presidential spokesman Garba Shehu: “The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.

Garba said, “Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.

“Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency, therefore, wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.”

He continued: “The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law.”

the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, in the statement, said the President never told the Attorney General of the Federation (AGF), Abubakar Malami; and the CBN Governor, Godwin Emefiele to disobey any court orders involving the government and other parties.

BRANDPOWER reports that The highest court of the land had on March 3 ordered that old N200, N500 and N1000 notes remain valid till December 31, 2023. This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.