BREAKING: CBN Directs Banks To Receive, Dispense Old N500, N1000 Notes
BREAKING: CBN Directs Banks To Receive, Dispense Old N500, N1000 Notes
The Central Bank of Nigeria has directed commercial banks to dispense and receive old naira notes as legal tender across the country.
The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the Acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday.
This is coming hours after the Presidency Monday evening said the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.
It stated that the President, Major General Muhammadu Buhari (retd.), did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”
Naija News reports that over one week after the court handed down the order, the AGF and the CBN have kept mum over the verdict. Their silence has emboldened Nigerians and businesses to reject the old notes as legal tender.
Meanwhile, state governments, which sued the Federal Government on the naira redesign policy, have given the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria Governor, Godwin Emefiele, till Tuesday to comply with the order of the Supreme Court on the currency.
The state governments threatened to file contempt charges against the two top officials on Tuesday should they fail to obey the apex court which ordered that the old N1,000, N500 and N200 should be in circulation alongside the new notes till December 31, 2023.
