Reprieve may be on the way for the distraught customers of Deposit Money Banks as the
Central Bank of Nigeria (CBN) on Monday finally instructed banks to comply with the ruling of the supreme Court ruling of March 3, 2023 on the legal tender status of the old N1,000, N5,000 and N200 banknotes.
The statement signed by CBN’s acting Director of Corporate Communications, Isa AbdulMumin is coming few hours after president Muhammadu Buhari disowned Godwin Emefiele, CBN Governor and Abubakar Malami, minister of justice over their refusal to obey the Supreme Court judgement on the old notes.
But most Nigerians believe the development amounts to abdication of responsibilities by government and its functionaries.
According to the statement, the decision to comply with the court ruling on the old banknotes was in accordance with the tradition of obedience to court order and sustenance of the rule of law by the Buhari administration as well as CBN.
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The statement reads:
“Old N200, N500, and N1,000 banknotes Remain Legal Tender – CBN
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, Deposit Money Banks operating in
Nigeria have been directed to comply with the Supreme Court judgement of
March 3, 2023.
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.”