10 days after the Supreme Court of Nigeria ordered that the old ₦200, ₦500 and ₦1,000 remain legal tender, the Central Bank of Nigeria has responded via a press release stating that all three currency denomination remain legal tenders.
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In the press release seen by Investogist, the CBN stated;
“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 judgement 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.”
Three States, later joined by other states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.
The CBN had insisted on its imposed 10th February deadline, despite the apex court’s order.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur
