The Central Bank of Nigeria, CBN, has finally agreed to obey the Supreme Court’s order that invalidated its earlier stand that the old Naira notes of N500 and N1000 denominations are no longer legal tender.
Recall that the CBN had told all Nigerians to go exchange their old notes with the newly redesigned naira notes, noting that the old notes ceased to be legal tender from February 10, 2023.
However, some state governments sued the federal government and prayed the Supreme Court to order the federal government under whom the CBN takes directives, to restore the old N500 and N1000 naira notes as legal tender.
Following the outcry of Nigerians who have been experiencing severe hardship as a result of the scarcity of the new naira, the Supreme Court had ruled that the old naira notes remain legal tender till December 31st, 2023.
READ: Breaking News: Buhari Directs CBN To Return N200, Says Old N500, N1000 Notes Not Legal Tender
However, despite the Supreme Court’s ruling, the CBN had remained silent and refused to obey the court’s order.
The CBN had maintained that it was rather following the orders of the President of Nigeria who, during a nationwide broadcast, directed the CBN to only return the old N200 notes as legal tender.
But a statement from the President, signed by his senior special assistant, Garba Shehu, denied ever telling the CBN led by the governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, not to obey the Supreme Court’s order.
Also, recall that many Nigerians, including commercial banks have been rejecting the old notes from Nigerians who had them.
In fact, the banks could dispense the old notes to Nigerians but turn around to reject them from customers.
This created more chaos and uncertainty as well as more hardship among Nigerians as many remained confused as to who’s orders Nigerians should obey.
Nigerians became confused as they had two orders to choose from to obey – one is either to obey the Supreme Court’s order or obey that of the CBN.
But since the president has come out to deny that he ever asked the CBN to disobey the apex court’s order, the bank has quickly broken its long silence that put Nigerians into more confusion as to which order they should obey.
So, the CBN has recanted its decision and now states that the old N200, N500 and N1000 naira notes remain legal tender!
The apex bank made the statement in a circular on Monday, 13th of March, 2023.
In the statement signed by the Acting Director, Corporate Communications of the CBN, Isa Abdulmumin, the CBN said it was obeying the court’s order on the naira notes.
Also, in the statement, the apex bank said:
“In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principles 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’s 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, 31st, 2023.”
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