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Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31 – CBN

According to Kayode OyeroIsa from Channel TV, AbdulMumin, the acting director of corporate communications for the apex bank, the Central Bank of Nigera, made this disclosure in a statement on Monday. Ten days prior, the Supreme Court had ordered that old and new naira notes should coexist until the end of the year.

Deposit Money banks operating in Nigeria have been directed to comply with the Supreme Court ruling as of March 3, 2023. This is 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 Muhammadu Buhari and, by extension, the operations of the Central Bank of Nigeria (CBN) as a regulator.

In light of this, the CBN convened with the Bankers' Committee and decided that the existing N200, N500, and N1000 banknotes should continue to be accepted alongside the new banknotes through December 31, 2023.

In light of this, all parties involved were enjoined to comply, according to the statement.

The highest court in Nigeria had decreed on March 3 that old N200, N500, and N1000 notes will be legal tender until December 31, 2023.

This came about after a lawsuit was filed by 16 Federation states challenging the legality or otherwise of the policy's establishment.

The 16 states, led by Kaduna, Kogi, and Zamfara, had asked the supreme court to nullify and set down the policy because it was putting innocent Nigerians through hardship.

Later, the Supreme Court declared that President Muhammadu Buhari's defiance of its February 8 ruling was evidence of dictatorship and that the President had violated the Constitution of the Federation by giving the CBN instructions to redesign the Naira.

The Presidency, CBN, and AGF remained silent following the Supreme Court's ruling on March 3, confusing many bank customers and Nigerians because the ruling of the top court ran counter to the President's order from February 16 that old N500 and N1000 notes are banned but old N200 notes are still valid until April 10.

The Presidency, however, broke its silence on Monday, claiming that the President never instructed the CBN and the AGF to disregard the Supreme Court's ruling.

The Presidency stated, "The CBN has no excuse not to comply with court decisions on the justification of awaiting instructions from the President."

The Presidency said that the President is a steadfast upholder of the law and that the "personalized attacks by the opposition and other pundits on the President are unfair and unjust."

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