10 days after Supreme Court ruling, CBN restores old ₦200, ₦500, ₦1000 as legal tender
10 days after the supreme court of Nigeria nullified the Federal Government’s naira redesign policy, the Central Bank of Nigeria (CBN), in a statement on Monday, March 13, 2023, directed that the old ₦200, ₦500, and ₦1000 banknotes should remain legal tender alongside the redesigned banknotes till December 31, 2023, as directed by the apex court.
“In 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. 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″ the statement read.
Earlier on Monday, President Muhammadu Buhari, through his spokesperson, Mallam Garba Shehu, debunked reports that he had directed CBN not to comply with the Supreme Court judgment.
“The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgment on the issue of the ₦500 and ₦1,000 old currency notes, and state here plainly and clearly that at no time did he instruct the Attorney General (AG) and the Central Bank of Nigeria (CBN) Governor to disobey any court orders involving the government and other parties,” the statement read.
Since the Supreme Court ruling, there has been confusion on the validity of the old naira notes as many Nigerians reject transacting with the old currencies.
A resident in Umuahia, who preferred not to be mentioned, told a Neusroom correspondence that while bank ATMs were dispensing the old ₦500, and ₦1000 notes last week, it was not being accepted as legal tender by residents in the State.
However, with CBN’s compliance with the ruling, the old notes are expected to be used for transactions.
