The Central Bank of Nigeria (CBN) has stated that the previous N200, N500, and N1000 notes are valid until December 31, 2023.
Monday, CBN spokesperson Isa Abdulmumin revealed the development in a statement.
“Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads. “This is in accordance with the established tradition of obeying court orders and upholding the Rule of Law Principle that characterized the administration of President Muhammadu Buhari and, by extension, the operations of the Central Bank of Nigeria (CBN) as a regulator.”
“Accordingly, the Central Bank of Nigeria (CBN) met with the Bankers’ Committee and directed that the old N200, N500, and N1000 banknotes remain legal tender alongside the redesigned banknotes until December 31, 2023.
“Thus, all parties are directed to comply properly.”
This comes hours after the Presidency claimed the CBN had no reason not to comply with the Supreme Court’s verdict on the redesigned naira policy.
It added that Buhari did not tell Emefiele and Malami to disregard “any court rulings involving the government and other parties.”
The supreme court overturned the CBN’s redesigned naira currency policy two weeks ago, citing improper timing and implementation.
A seven-member panel of the supreme court ruled in a case brought by three states of the federation that the old N200, N500, and N1000 notes remain lawful tender until the end of the year.
This occurred when sixteen states of the Federation filed a lawsuit challenging the legitimacy of the policy’s introduction.
The sixteen states, led by Kaduna, Kogi, and Zamfara, petitioned the supreme court to declare the policy null and illegal on the grounds that it imposes hardships on innocent Nigerians.
The Supreme Court subsequently decided that President Muhammadu Buhari’s defiance of its February 8 order is an indication of tyranny and that he violated the Constitution of the Federation by issuing orders for the re-designing of the Naira.
After the Supreme Court’s ruling on March 3, the Presidency, the Central Bank of Nigeria (CBN), and the Attorney General of the Federation (AGF) remained silent, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the President’s February 16 directive that old N500 and N1000 notes are banned and old N200 notes remain valid until April 10.