The Central Bank of Nigeria has instructed commercial banks to circulate and collect old naira notes as legal tender across the country.
The CBN announced 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.
The Presidency said the CBN had no right to disobey the decision of the Supreme Court on the naira redesign policy.
It stated that the President, Major General Muhammadu Buhari (retd.), did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”
CBN said, “Old N200, N500, and N1,000 banknotes will Remain Legal Tender in respect to Buhari’s administration obedience to court orders.
The statement read: “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 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”.