The long wait is finally over ; 200, 500 and 1000 naira old notes will be recognized as circulating medium in the country until December 31, 2023..
The Central Bank of Nigeria (CBN) disclosed this on Monday while noting that this was done in compliance with the Supreme Court order.
CBN had not only ignored the restraining order issued on February 8 but had also showed indifference since the Supreme Court delivered its ruling on March 3 2023.
It will be recalled that the CBN had on October 26 last year announced that circulation of the newly redesigned N100, N200, N500 and N1,000 naira notes would begin on December 15.
CBN governor, Mr Godwin Emefiele had added that the move was to counter terrorism financing, hoarding of banknotes by members of the public, with statistics showing that over 85 per cent of monies in circulation were outside the vaults of the commercial banks.
It will also be recalled that the Supreme Court panel comprising seven justices which was headed by Justice John Okoro had on Wednesday, February 8 issued an interim injunction restraining the Federal Government from cancelling the status of the old Naira notes as circulating medium after the Friday, February 10, 2023 deadline.
Three governors ; El-rufai, Mutawalle and Yahaya had in a motion ex-parte filed on February 3 by their lawyer, AbdulHakeem Mustapha (SAN), prayed the apex court to make the Central Bank of Nigeria (CBN) pause action in respect of its naira redesign policy.
It will equally be recalled that sequel to the scarcity of naira notes and its concomitant hardships, President Muhammadu Buhari had in his broadcast speech last month declared that the old 500 and 1000 naira notes were not circulating medium anymore.
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He had urged Nigerians to take necessary steps with regard to the affected old naira notes by visiting the Central Bank of Nigeria (CBN) and other designated places.
While the 200 old naira note survived, 500 and 1,000 old naira notes were left to hang in the balance until the Supreme Court ruling of Friday, March 3 2023.
The Supreme Court panel comprising seven justices had in a unanimous decision ruled that all old naira notes will remain circulating medium until December 31 2023.
The apex bank on Monday, March 13 2023 finally bowed to public pressure and stated decision to comply with the court order.
Team@orientactualmags.com learned the apex bank in a statement issued by its spokesman, Isa Abdulmumin had since directed the commercial banks to follow suit and take necessary steps.
‘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 ruling 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 until December 31, 2023. Consequently, all concerned are directed to conform accordingly’ the statement said- Team@orientactualmags.com
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