CBN: Banks Must Comply With Supreme Court’s Order On Old Naira Notes

The Central Bank of Nigeria, CBN, has directed commercial banks in the country to comply with the Supreme Court judgement on the old l N200, N500 and N1000 banknotes.

The apex bank had two weeks ago ruled that the old Banknotes remain legal tender till December 31, 2023.

According to a statement by its spokesperson, Isa AbdulMumin on Monday, the apex said it had no reason to disobey the Supreme Court order.

The bank stated that it met with the Bankers Committee and directed deposit money bank to comply with the court order.

The CBN said “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised 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 3 March 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till 31 December 2023.

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

The CBN position on the matter comes barely few hours after the presidency denied that the apex bank was acting on the directive of President Muhammadu Buhari, not to carry out the Supreme Court order.

Garba Shehu, the Senior Special Assistant to the president, on Monday said in a statement that Buhari  will never disobey the highest court in the country because he’s a stickler to the rule of law.