The Central Bank of Nigeria CBN, this evening affirms it compliance with the Supreme Court judgment that extends the validity of the Old N200, N500, and N1,000 banknotes to Dexember 31, 2023
In a statement release this evening, signed by the Apex Bank’s Acting Director of Corporate Communications Dr. Isa Abdulmumin, which reads
“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 CBN pronouncement is coming 11 days after the Supreme Court ruled in favor of 16 state governors who were concerned about the effect of the policy on the masses and decided to challenge it at the Apex Court.
Concerns and confusion have mounted in the public space on the continuous silence of the CBN as well as the Attorney General of the Federation after more than a week of the judgment by the Apex Court. The initial excitement that herald the judgment had disappeared while the hardship that comes with the policy persisted and bit harder.
The cash crunch that was the major effect of the policy, spared no one, illness may have been worsened, death may have occurred, school admission may have been missed, businesses may have folded up, relationships may have been damaged, jobs may have been lost, opportunities may have been missed and above all, poverty has deepened.
It is our sincere hope that whatever motivated the policy has been achieved and a repeat of this kind of draconian policy will never happen again.
