Why CBN Gov. Godwin Emefiele Finally Bowed To Pressure, Agreed Old Naira Notes Remain Legal Tender

Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Monday, bowed to pressure and officially ordered commercial banks to comply with the Supreme Court judgement on old naira notes.

This comes some ten days after the apex court declared that old N500 and N1,000 notes remain legal tender until December 31, 2023.

The court also mandated the use of the old notes till the end of the year.

Godwin Emefiele, who said the CBN decision followed a meeting with the Bankers  Committee that was held on Sunday, also announced that the old N200, N500, and N1,000 would remain legal tender till the end of the year.

The declaration by the apex bank governor has now laid to rest the confusion over the legality of the old naira notes.

Through this action, it is expected that in the coming days and weeks, there would be a reduction in the sufferings of Nigerians as a result of the cash crunch.

The Acting Director, Corporate Communications, Isa AbdulMumin, disclosed the latest development in a statement titled ‘Old N200, N500, and N1,000 banknotes remain legal tender – CBN’

The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Muhammadu Buhari 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.”

In other news, Kanyi Daily reported that Former Minister of Aviation cum Chieftain of the All Progressives Congress (APC), Femi Fani-Kayode has blasted the presidential candidate of the Labour Party (LP) in the just conducted presidential election, Peter Obi of his comment on Monday.