Money Scarcity: Supreme Court Judgement Upholds as CBN Consider The Old Naira Note To Be A Legal Tender - FOW 24 NEWS

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Money Scarcity: Supreme Court Judgement Upholds as CBN Consider The Old Naira Note To Be A Legal Tender

 


On Monday evening, the Central Bank of Nigeria, CBN, finally gave the order to commercial banks to begin accepting and distributing old naira notes as legal cash throughout the nation in accordance with a recent Supreme Court decision.

 

In a statement, CBN spokesperson Isa Abdulmunin stated that the decision was made at the Bankers' Committee meeting that took place on Sunday.

 

According to him, until December 31, 2023, both the old N200, N500, and N1000 notes and the newly designed notes are valid forms of payment.

 

The CBN as a regulator and Deposit Money Banks operating in Nigeria have been urged to comply with the Supreme Court judgement of March 3. This is in accordance with established practice of obedience to court rulings.

 

As a result, the CBN convened with the Bankers Committee and decided that the existing N200, N500, and N1000 notes should continue to be accepted alongside the new notes through December 31, 2023.

 

"As a result, all parties involved are instructed to conform accordingly," the CBN said.

 

The Central Bank Governor, Godwin Emefiele, notified the Governor of Anambra State, Chukwuma Soludo, earlier on Monday that a decision had been made to comply with the Supreme Court judgement declaring the old N200, N500, and N1000 as legal money till December 31, 2023.

 

Also, Soludo attested to the fact that the choice was made at the Bankers' Committee meeting on Sunday.

 

The presidency also refuted claims that President Muhammadu Buhari had instructed the CBN Governor to disregard the Supreme Court's ruling over the legality of the old naira notes in a statement released on Monday evening.

 

According to the statement made by Shehu Garba, the president's spokesperson, the CBN Governor has no excuse for disobeying the Supreme Court.

 

He also took issue with how the president's silence after the Supreme Court's March 3 ruling on the issue of the N500 and N1,000 old currency notes was misinterpreted.

 

"The Presidency wants to address some public concerns that President Buhari failed to respond to the Supreme Court decision.

Money Scarcity: Supreme Court Judgement Upholds as CBN Consider The Old Naira Note To Be A Legal Tender Reviewed by FOW 24 News on March 14, 2023 Rating: 5   On Monday evening, the Central Bank of Nigeria, CBN, finally gave the order to commercial banks to begin accepting and distributing old ...

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