Reactions As CBN Complies With Court Order On Validity Of Old Naira Notes 10 Days After S’Court Ruling

The Central Bank Governor, Godwin Emefiele has bowed to pressure and ordered that the old 200, 500 and 1000 naira banknotes remain legal tender till December 31, 2023.

Emefiele’s approval is coming ten days after the Supreme Court judgement that ordered the apex bank to extend the validity of the old notes.

Since the judgement of the supreme court, the CBN govenernor had maintained a dead silence which further threw Nigerians into more confusion over the spending of the old notes.

But in a statement issued on Monday by the apex bank’s Acting Director of Corporate Communications, Isa Abdulmumin, Emefiele stated that commercial banks can go ahead with the collection of old naira notes from their customers.

“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banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023 when the old notes will be withdrawn from circulation.

“Consequently, all concerned are directed to conform accordingly,” the statement read.

This development has however generated mixed reactions from Nigerians on social media as captured below.