Following a public backlash against its poorly implemented naira redesign policy that has brought untold hardship to Nigerians and its defiance of Supreme Court orders, the Central Bank of Nigeria (CBN), Monday evening said the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
This is coming shortly after President Muhammadu Buhari said he never told the CBN Governor, Godwin Emefiele and the Attorney General of the Federation (AGF), Abubakar Malami to disobey any court orders involving the government and other parties.
President Buhari said the CBN Governor had no reason not to comply with the Supreme Court order on naira redesign on the excuse of waiting for his directives.
Following the President’s assertions, the CBN, Monday night, announced that the old naira notes would co-exist with new ones till December 31, 2023 as ordered by the apex court.
A statement last night by Ag. Director, Corporate Communication at the CBN, Isa Abdulmumin read: “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 plaintiff states had prayed the Court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians.
The Supreme Court’s interim order on the policy in February was flouted by the President and the CBN Governor Godwin Emefiele.
On March 3, the Supreme Court ordered that N200, N500 and N1000 notes remain legal tender until December 31, 2023.
But the Presidency, CBN and the AGF kept mum, throwing Nigerians into confusion. The President and the CBN Governor had insisted that the old bank notes of 1000 and 500 had ceased to be valid despite the Supreme Court’s order.
However, the Presidency broke its silence on Monday, saying the CBN acted alone, as it never directed it (CBN) and the AGF not to obey the order of the apex court.