By Elsie Udoh
The Central Bank of Nigeria (CBN) has finally broken its long silence regarding the validity of the old naira notes.
Recall that the Supreme Court had extended the validity of the old naira notes to December 31, but traders have been hesitant on accepting the old notes due to the silence of CBN and President Muhammadu Buhari.
In an interesting turn of events, the CBN on Monday released a statement signed by the Acting Director, Corporate Communications Isa AbdulMumin, stating that the old N200, N500, and N1,000 banknotes remain legal tender.
“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 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 Bakers’ Committee and has directed that the old N200, and N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly,” the statement reads.
Earlier on Monday evening, President Buhari released an official statement stating that he did not direct the CBN to disobey the Supreme Court’s order on the validity of the old naira notes.
