Ten days after the Supreme Court ruled that old Naira notes should co-exist with new ones till the end of the year, the Central Bank of Nigeria (CBN) has now complied with the order. On Monday evening, the CBN issued a statement that the old N200, N500, N1,000 banknotes remain legal tender till 31 December 2023 in compliance with the Supreme Court verdict.
The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin said in a statement: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised 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 3 March 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till 31 December 2023.
“Consequently, all concerned are directed to conform accordingly”, the statement read.
The highest court of the land had on 3 March ordered that old N200, N500 and N1,000 notes remain valid till 31 December 2023.
The 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 8 February order is a sign of dictatorship, adding 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 3 March 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 16 February that old N500 and N1,000 notes are banned and old N200 notes remain valid till 10 April.
However, the Presidency broke its silence on Monday, saying the President never told the CBN and the Attorney General of the Federation 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 is 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”.
