The Central Bank of Nigeria CBN, on Monday night directed Deposit Money Banks to comply with the Supreme Court ruling of March 3, 2023.
In a statement signed by the new Apex Bank’s spokesman, Isah Abdulmumin, the CBN stated that it “met with the Bankers Committee and has directed that the old N200, N500 and the N1000 bank notes remain legal tender alongside the redesigned bank notes till December 31 2023”.
With this development the confusion regarding whether or not to accept the old notes has been laid to rest. It is also hoped that all the suffering engendered by the well-intentioned but badly implemented policy will come to an end within the shortest possible time.
It is interesting to note that this directive by the CBN only came when it was clear that it no longer had the backing of the President following a statement which absolved the President of any complicity in the non-implementation of the Supreme Court Order. The CBN realising that it’s shield had been blown, had no choice than to rush to press to make the announcement. Before now, several calls were made on the governor of the Central Bank to comply with the apex court’s ruling but they all fell on deaf ears.
A few hours before the CBN announcement, the Presidency stated in unequivocal terms that the President did not ask the CBN not to obey the Court order.
It is to be noted however that even with this development the recently announced limits to withdrawals still remain in force.