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CBN directs banks to comply with Supreme Court ruling on Naira redesign policy

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The Central Bank of Nigeria has directed all deposit money banks to comply with the pronouncement of the Supreme Court of March 3, 2023 which averred that the old N200, N500 and N1,000 naira notes remain legal tender till December 31, 2023.

This announcement is coming on the heels of public discontent which trailed the mute indifference of the CBN and President Muhammadu Buhari on the Supreme Court judgement.

This was contained in a statement released on Monday by the CBN’s Acting Director of Corporate Communications, Isa Abdulmumin who disclosed that the directive was issued at the Bankers’ Committee Meeting held yesterday.

The statement reads:

“In compliance with the established tradition of obedience to court orders and sustenence f the Rule of Law principle that charaterised 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 old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to comply accordingly.”

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