• Mon. May 29th, 2023

Finally, CBN Orders Banks to Receive, Dispense Old Naira Notes

ByJustice Godfrey Okamgba

Mar 14, 2023

A few hours after the Presidency said it did not inform the Central Bank of Nigeria not to comply with the Supreme Court judgment, the apex bank directed commercial banks to dispense and receive old naira notes as legal tender across the country.

The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday evening.

According to a statement issued on Monday by the acting Director of CBN Corporate Communications, Isa AbdulMumin, the CBN issued the directive during a Bankers’ Committee meeting on Sunday.

It stated that President Muhammadu Buhari did not instruct the Governor of the Central Bank of Nigeria, Godwin Emefiele, or the Attorney-General of the Federation, Abubakar Malami, to disregard “any court orders involving the government and other parties.”

The statement read, “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 Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria, 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.”


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