Isa Abdulmumin, the CBN spokesperson, announced the development in a statement on Monday.
“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,” the statement reads.
“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.”
This comes just hours after the presidency declared Monday night that the CBN has no excuse not to follow the Supreme Court’s decision regarding the naira redesign strategy.
The Attorney-General of the Federation, Abubakar Malami, and CBN Governor Godwin Emefiele were reportedly not given any orders by President Buhari to defy “any court rulings involving the government and other parties,” according to the statement.
The CBN’s naira redesign program was declared unlawful by the supreme court two weeks ago, citing improper timing and execution.
A seven-member panel of the supreme court ruled in a case brought by three states of the federation that the old N200, N500, and N1000 notes are still valid till the end of the year.
This came about after a lawsuit was filed by 16 Federation states challenging the legality or otherwise of the policy’s introduction.
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.
In a following ruling, the supreme court stated that President Muhammadu Buhari’s defiance of its February 8 judgment was evidence of dictatorship. It also stated that the President had violated the Constitution of the Federation by giving orders for the CBN 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.
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