After a lot of foot-dragging, the Central Bank of Nigeria (CBN) has finally directed commercial banks across the country to start accepting and dispensing old naira notes as legal tender based on the order of the Supreme Court.
AWA CONTENT reports that the Anambra State Governor, Chukwuma Charles Soludo, had earlier this morning, announced the CBN’s directive via his Facebook page.
According to a statement signed by its acting Director, Corporate Communications, Isa AbdulMumin, on Monday evening, the CBN gave the directive at a Bankers’ Committee meeting held on Sunday.
The directive was coming on the heels of the Presidency’s declaration earlier this evening that the apex bank had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.
The CBN’s 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.”
