Eventually c omplying with a Supreme Court order, CBN permits the use of old N500 and N1000 notes. The circulation of old N500 and N1000 not...
Eventually complying with a Supreme Court order, CBN permits the use of old N500 and N1000 notes.
The circulation of old N500 and N1000 notes has been authorized by the Central Bank of Nigeria (CBN). In a released statement, the apex bank reaffirmed this.
The previous N500 and N1000 notes may now be used in circulation, according to the Central Bank of Nigeria (CBN).
This was acknowledged in a statement released by the apex bank on Monday night.
According to a statement made by CBN spokesperson Isa Abdulmumin, the top bank has ordered commercial banks to begin issuing and accepting old notes.
Deposit Money Banks operating in Nigeria have been instructed to comply with the Supreme Court ruling from March 3, 2023, in accordance with the established tradition of court order obedience and maintenance 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.
During a meeting with the Bankers' Committee, the CBN decided that the old N200, N500, and N1000 banknotes will continue to be accepted alongside the newly designed banknotes through December 31, 2023. As a result, everyone involved is commanded to do so.
Anambra State Governor Chukwuma Charles Soludo previously declared that CBN has complied with the Supreme Court's order.
The governor of Anambra stated that codes for deposits are generated by tellers at commercial banks, and there is no cap on the quantity of deposits that a person or business may make.
According to Soludo, the CBN Governor issued the order during a meeting of the Bankers' Committee on March 12, 2023, on Sunday.
The CBN did not require President Muhammadu Buhari's instructions before complying with the Supreme Court order that prolonged the validity of the old notes, according to a statement released by the Presidency later on Monday night.
On Monday, Buhari spoke out in response to the Supreme Court's ruling from last Friday that the old notes would continue to be valid currency through the end of the year.
According to the President, "no government in our recent history has established initiatives to support economically marginalized and vulnerable individuals like the present administration," which he used to refute the notion that he lacked compassion.
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