CBN orders banks to accept old N200, N500, N1,000 bank notes…

The Central Bank of Nigeria, CBN, last night directed all banks to obey the Supreme Court order on the old N200, N500 and N1000 notes.

The apex bank in a statement by the Ag Director of Communications, Isa AbdulMumin, said: ”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 till December 31, 2023. Consequently, all concerned are directed to conform accordingly.

The CBN’s directive came shortly after the Presidency yesterday said President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami, SAN, and governor of the Central Bank of Nigeria, CBN, Godwin Emefiele to disobey the Supreme Court order on the naira swap deadline.

It also said the CBN had no reason not to comply with court orders on the excuse of waiting for directives from the President.

A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, last night, stated that President Buhari had never interfered in the activities of the judiciary and had no reason to do that now he had a few months to exit from office.

The statement said: “The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN governor to disobey any court orders involving the government and other parties. Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed. Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.
“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts”.