CBN finally complies with Supreme Court order on old Naira notes

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The Central Bank of Nigeria, CBN on Monday, said the old N200, N500 and N1,000 banknotes remained legal tender till Dec. 31.

The Apex bank in a statement by Isa AbdulMumin, an Acting Director, Corporate Communications, said it was acting in compliance with the March 3 judgment of the Supreme Court.

AbdulMumin said that the new CBN directive was in compliance with an established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the Buhari government.

“Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgment of March 3.

Accordingly, the CBN met with the Bankers ‘Committee and has directed that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till Dec. 31,” he said.

The Supreme Court had in the March 3 judgment, ordered the Federal Government to accept the designated denominations of Naira notes as legal tender until Dec. 31.

However, neither President Muhammadu Buhari nor the CBN Governor, Godwin Emefiele, reacted to the ruling until when the presidency, in a statement on Monday, absolved the president from non-compliance with the ruling.

Malam Garba Shehu, Senior Special Assistant on Media and Publicity to the President, in a statement on Monday, said Buhari never told Emefiele and the Attorney-General of the Federation, Abubakar Malami to defy any court order.

“The directive of the president, following the meeting of the Council of State, is that the CBN must make available for circulation all money that is needed and nothing has happened to change the position,” Shehu said.

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