Following the Nigerian Labour Congress (NLC) 7-Day ultimatum to the federal government to resolve the naira scarcity crisis, the Central Bank of Nigeria, CBN, has stated that all old Naira notes remain legal tender until December 31.
The Supreme Court had ruled on March 3, that all old currency notes should be in continuous use until December 31, 2023.
After the Presidency curiously dissociated itself from CBN’s delayed response to the apex court’s ruling, the CBN subsequently issued an acceptance statement on Monday, affirming compliance with the court directed compliance with continuous use of all notes till December 31.
The CBN said in the statement as follows: “The Central Bank of Nigeria (CBN) says the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday.
“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,” the statement reads.
“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.”
