Home Banking & Finance CBN, Presidency bows to pressure, okay N200, N500, N1000 till Dec 31

CBN, Presidency bows to pressure, okay N200, N500, N1000 till Dec 31

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The Presidency and the Central Bank of Nigeria, CBN, on Monday night, bowed to pressure and put an end to the two months Naira crisis in the country.

In a statement by the acting Director of Corporate Communications, Dr Isa Abdulmumin, the CBN said the old naira notes are to remain legal tender till December 31 2023.

A few hours after the presidency removed itself from all blame, the CBN directed commercial banks to begin to accept the N200, N500 and N1000 old naira notes as legal tender in line with the Supreme Court ruling of March 3.

This was also 24 hours before the ultimatum issued by some state governors, that they would file contempt charges against the CBN and the Attorney-General of the Federation.

In the statement by President Muhammadu Buhari which came a few hours before the apex bank’s statement by Shehu Garba, senior special assistant to Buhari on Media and Publicity, the president stated that the CBN had no excuse to disobey the ruling of the Supreme Court on the naira redesign.

Recall that the Supreme Court in the first week of March had ruled that the old naira notes should remain valid till December 31.

However, for ten days the CBN and federal government were silent on the judgement which led to uncertainty in the polity and resulted in traders and commercial banks rejecting the old notes.

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