The Central Bank of Nigeria (CBN) announced on Monday, 13th March, 2023 that its conventional Old Naira Notes N200, N500, and N1000 banknotes will remain legal tender until 31 December 2023.
CBN spokesman Isa Abdulmumin announced the development in a statement, highlighting that Apex Bank has ordered commercial banks to issue the old naira notes and accept deposits.
NBA warnings to take Action
NBA President Yakub Maikyaew spoke Monday about the CBN’s continued disobedience and warned that the Bar Association will oppose any action that undermines the country’s rule of law, constitution, and democracy. (See Supreme’s Court Previous Order on Old Naira Notes)
Referencing several paragraphs of a Supreme Court ruling that accused the president of ignoring the order, the NBA said it was sad that the federal government and its agency, the CBN, remained steadfast about the plight of Nigerians. said he was disappointed.
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NBA pointed out that “Regrettably, not even the clear findings by the Supreme Court as to the unfair and deceptive nature of the policy could make the Federal Government retrace its steps.
Statement on the Old Naira Notes
The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterized the government of President Major General Muhammadu Buhari (retd.), 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 ruling of March 3, 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 December 31, 2023. Consequently, all concerned are directed to conform accordingly.”