CBN orders banks to accept old N200, N500, N1,000 bank notes.
ABUJA- The Central Bank of Nigeria, CBN, last night directed all banks to obey the Supreme Court order on the old N200, N500 and N1000 notes.
The apex bank in a statement by the Ag Director of Communications, Isa AbdulMumin, said: βIn 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.
βAccordingly, the CBN met with the Bankersβ 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 CBNβs directive came shortly after the Presidency yesterday said President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami, SAN, and governor of the Central Bank of Nigeria, CBN, Godwin Emefiele to disobey the Supreme Court order on the naira swap deadline.
It also said the CBN had no reason not to comply with court orders on the excuse of waiting for directives from the President.
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