Comply with S’Court order, pay and receive old naira notes till December 31, CBN tells banks

The Central Bank of Nigeria has directed commercial banks in the country to dispense and receive old naira notes as legal tender.

The acting Director, CBN Corporate Communications, Isa AbdulMumin, said this on Monday in a statement.

The statement came hours after the Presidency said President Muhammadu Buhari did not tell the CBN not to obey the Supreme Court on the naira redesign policy.

The statement made it clear that the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, was not instructed to disobey “any court orders involving the government and other parties.”

However, few hours later the apex bank in a statement titled, “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN’, said the directive was in compliance with 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.”