BREAKING: CBN instructs banks to accept and pay old naira notes

The Central Bank of Nigeria has instructed commercial banks to distribute and accept obsolete naira notes as legal tender throughout Nigeria.

The CBN issued the directive at a Bankers’ Committee meeting on Sunday, according to a statement released on Monday by Isa AbdulMumin, acting director of CBN corporate communications.

This comes hours after the Presidency said the CBN had no reason not to comply with the Supreme Court’s ruling on the redesigned naira policy.

It stated that President Major General Muhammadu Buhari (retired) did not order the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”

In a statement titled “Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN,” the central bank stated that the directive was in accordance with the Buhari administration’s compliance with court orders.

The statement read, “In accordance with the established tradition of obeying court orders and upholding the Rule of Law Principle that characterized the administration of President Muhammad Buhari and, by extension, the operations of the Central Bank of Nigeria as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court’s March 3, 2023 ruling.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
Consequently, all concerned are directed to conform accordingly.”

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