CBN finally complies with Supreme Court order on old N500 and N1,000 banknotes
The Central Bank of Nigeria (CBN) has finally complied with the order of the Supreme Court which ruled that the old N200, N500 and N1000 notes remain legal tender until December this year.
The apex bank made this known in a statement issued by its Acting Director, Corporate Communications Isa AbdulMumin on Monday.
Dateline Nigeria reports that this is coming shortly after the presidency said that President Muhammadu Buhari did not tell the AGF and the CBN governor to defy the Supreme Court order.
“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,” the statement said.