BrandSpur Nigeria reports that the Central Bank of Nigeria (CBN) led by Godwin Emefiele says the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.
The acceptance was contained in a statement by CBN spokesperson, Isa Abdulmumin on Monday evening, March 13, 2023.
“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,” the statement reads.
“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 on the acceptance of Old Naira Notes added.
Click to access CBN%20Old%20Notes.pdf
Meanwhile, BrandSpur Nigeria reports that the CBN statement on the acceptance of Old Naira Notes is coming two weeks after the Supreme Court of Nigeria, on Friday, 3 March 2023, ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.
The supreme court invalidated the naira redesign policy introduced by the CBN two weeks ago, citing a defective timing and implementation.
A seven-member panel of the apex court while delivering judgment in a suit instituted by three states of the federation, held that the old N200, N500, and N1000 notes remain legal tender until the end of the year.
Justice Emmanuel Agim, who read the lead judgment, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts. The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
The Supreme Court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
