CBN Breaks Silence, Says Old Naira Notes Remain Legal Tender

The Central Bank of Nigeria (CBN) on Monday directed commercial banks to dispense and receive the old ₦200, ₦500 and ₦1,000 notes. The bank notes will remain legal tender until 31, December, as directed by the Supreme Court.

CBN’s acting director of Communication, Isa Abdulmumin, made this known in a statement. This came few hours after President Muhammadu Buhari reproved CBN Governor Godwin Emefiele and Attorney-General of the Federation (AGF) Abubakar Malami (SAN) for not obeying the Supreme Court directive.

“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 ₦200, ₦500, and ₦1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.”

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

The silence from the presidency and the CBN concerning the Supreme Court ruling had led to confusion as businesses and transporters rejected the old notes, while banks that issued them refused to accept them as deposits.

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