The controversy rocking the circulation and acceptability of the old N200, N500 and N1000 notes by the public and commercial banks across the country has finally been put to rest.
This is so, because the Central Bank of Nigeria, CBN, has officially come to terms with the Supreme Court ruling, over the validity period of the old naira notes.
The Apex Court had in a ruling on March 3 directed that the old naira notes remain a legal tender until December 31, 2023.
The CBN, after been silent for about two weeks over the Court ruling, via a statement by its acting Director of Corporate Communications, Dr Isa AbdulMumin, on Monday, March 13, directed all deposit money banks in the country to accept and dispense the old naira notes alongside the new notes for daily transactions.
The statement reads; “I’m compliance with 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, as a regulator, Deposit Money Banks operating in Nigeria, have been directed to comply with the Supreme Court judgment of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 notes remain kegal tender alongside the redesigned new notes until December 31, 2023.
“Consequently, all concerned are directed to confirm accordingly.”
