The Central Financial institution of Nigeria (CBN) has introduced that the outdated N200, N500, N1,000 financial institution notes stay authorized tender until December 31, 2023.
Isa Abdulmumin, CBN’s performing director of Company Communications, said this in a press release on Monday.
“In compliance with the established custom of obedience to court docket orders and sustenance of the Rule of Regulation Precept that characterised the federal government of President Muhammadu Buhari, and by extension, the operations of the Central Financial institution of Nigeria (CBN), as a regulator, Deposit Cash Banks working in Nigeria have been directed to adjust to the Supreme Court docket ruling of March 3, 2023,” Abdulmumin mentioned within the assertion.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the outdated N200, N500 and N1000 banknotes stay authorized tender alongside the redesigned banknotes until December 31, 2023.
“Consequently, all involved are directed to adapt accordingly.”
The Supreme Court docket on March 3 ordered that outdated N200, N500 and N1000 notes stay legitimate until December 31, 2023.
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The judgment adopted a authorized problem filed by 16 states difficult the legality or in any other case of the introduction of the coverage.
Led by Kaduna, Kogi and Zamfara, the states had prayed the apex court docket to void and put aside the coverage on the bottom that it’s inflicting hardships on harmless Nigerians.
The court docket subsequently dominated that the President’s disobedience of its February 8 order is an indication of dictatorship, including that Buhari breached the Structure of the Federation in the way in which he issued directives for the re-designing of the naira by the CBN.
After the judgement by the Supreme Court docket, the Presidency, CBN and the AGF stored silent on the matter, complicated financial institution clients and Nigerians because the ruling of the apex court docket contradicted the directive of the President on February 16 that outdated N500 and N1000 notes are banned and outdated N200 notes stay legitimate until April 10.
Earlier, the presidency spoke on the difficulty saying President Muhammadu Buhari by no means informed the CBN and the AGF to not obey the order of the apex court docket.