Old naira notes remain legal tender till Dec 3-CBN

 The Central Bank of Nigeria (CBN) has announced that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.

CBN spokesperson, Isa Abdulmumin, announced the development in a statement on Monday evening.

“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.”

Recall that two weeks ago, the Supreme Court invalidated the naira redesign policy introduced by the CBN, citing a defective timing and implementation.

Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain legal tender until the end of the year.

However, over one week since the verdict, neither the CBN governor nor the attorney-general of the federation made any official statement about compliance with the apex court ruling.

The uncertainty about the true status of things prompted traders and businesses across the country to continue rejecting the old currency.

The apex bank’s statement comes few hours after the presidency said the CBN had no reason not to comply with court orders on the excuse of waiting for directives from President Muhammadu Buhari.


Comments

Post a Comment

Popular posts from this blog

November 11 governorship poll: Bayelsa APC has lost campaign ideas- Diri’s aide. •••Upbeats of principal’s victory

Image
Special Assistant on media to the Bayelsa State Governor,  Mr. John Domkpee, has backed his principal, Governor Douye Diri, to retain his seat as the State governor with ease in the November 11 governorship election. This, he said, is because the All Progressives Congress(APC)  Standard bearer, Chief Timipre Sylva, does not stand a chance against his principal in the forthcoming election. Mr Domkpee, in an interview, maintained that the Bayelsa State APC has lost campaign ideas, stating that Bayelsans are well informed to know who is the better candidate between Governor Diri and the former minister of State for Petroleum Resources. “The fact that Bayelsa APC members are asking eligible Bayelsans to vote for Chief Timipre Sylva in the November 11 election to align with the center shows the party doesn’t have tangible things to campaign with.  “Bayelsans are informed and wise enough to know that Sylva who could not attract significant projects to the state as minister of state in the al
Read more

Enugu 2023: Peter Mbah wins PDP governorship primary

Image
The erstwhile  Enugu State Commissioner for Fnance, Peter Mbah, has won the governorship primary of the  Peoples Democratic Party  (PDP) held on Wednesday in Enugu. Mr Mbah polled 790 votes to defeat his closest rival, Chijioke Edeoga, who secured nine votes. The result was announced by the chairman of the electoral panel appointed by the National Working Committee of the PDP, Sunday Ambuno. After the withdrawal of about 12 aspirants from the race, only five aspirants participated in the exercise. A total of 812 delegates were accredited for the exercise. Out of the 807 total votes cast, 804 were valid and three rendered invalid. Mr Mbah a legal practitioner and businessman, in his acceptance speech after the primary, promised to serve the people with humility and forthrightness adding that he would consolidate on the achievement of Governor Ifeanyi Ugwuanyi. “I want to promise you that I will serve you with humility and moderation. We are going to serve you with openness and inclusive
Read more

Quality Service Delivery : A Promise Kept.

Image
Bayelsa State Governor, Senator Douye Diri,  has been commended for backing his words with action  by delivering State of the art equipment to Niger Delta Television station (NDTV). State Commissioner for Information, Orientation and Strategy, Hon. Ayiba Duba, gave the commendation during the flag-off of a two month training programme for staffers  of the NDTV for effective handling of equipment at the Ernest Ikoli Media Complex, Yenagoa. Hon. Duba expressed gratitude to God and Governor Douye Diri for the equipment, said  it will enable quality service delivery and effective dissemination of government polices and programmes by the state owned broadcasting station across the Niger Delta region He therefore, urged staffers to be committed to the course of the Government for greater opportunities and empowerment. Also speaking, the Permanent Secretary of the Ministry,  Mrs. Jane Help-Yawei, emphasised that a balanced work ethics and morals are key ingredients to propel proficiency at th
Read more