The Central Bank of Nigeria (CBN) has reinstated the old 200, 500 and 1000 naira notes to remain legal tender until December 31, 2023.
CBN spokesperson Isa Abdulmumin made the disclosure in a statement on Monday.
“In line with the tradition of obedience to court orders and sustenance of the Principle of Rule of Law that characterizes the administration of President Muhammadu Buhari, and by extension, the operation of the Central Bank of Nigeria (CBN), as the regulator, Deposit. Money Banks operating in Nigeria have been directed to comply with the decision of the Supreme Court on March 3, 2023,” said Abdulmunin.
READ ALSO: Buhari does not ask CBN to disobey Supreme Court on naira notes – Presidency
“Accordingly, the CBN met with the Bankers Committee and ordered that the old N200, N500 and N1000 notes remain valid alongside the redesigned notes until December 31, 2023.
“Therefore, all concerned are directed to comply.”
Earlier on Monday, the President said the CBN does not need a directive from President Muhammadu Buhari to comply with the Supreme Court order to extend the validity of the old naira notes to December 2023.
“Therefore there is no sign of blaming the President for the current controversy over the lack of cash, despite the judgment of the Supreme Court. The CBN has no reason to disobey the order of the court on the pretext of waiting for a directive from the President,” Presidential spokesperson Garba Shehu said in a statement.
Shehu relieved Buhari of cash crunch and non-compliance with Supreme Court orders.
READ ALSO: Supreme Court extends validity of old naira notes to December 2023
“The President is not a micromanager and will not stop the Attorney General and the CBN Governor from carrying out the details of their duties as per the law,” Shehu said.
“In all circumstances. At this point it is debatable that there is evidence of deliberate refusal by both of them with the order of the supreme court.
Shehu confirmed that Buhari’s directive after the Council of State meeting was that the CBN should provide all the necessary cash for circulation.
“It is a fact that the President is an absolute respecter of the judicial process and the authority of the court,” Shehu said.
“He has done nothing in the past eight years to act in any way to obstruct the administration of justice, to cause a lack of confidence in the administration of justice, or to disturb or undermine the judiciary and there is no reason whatsoever to do so. Do it now when you are ready- ready to leave the office.”