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The Central Financial institution of Nigeria (CBN) has restored the previous 200, 500 and 1000 naira notes to stay as authorized tender till December 31, 2023.
CBN spokesperson Isa Abdulmumin made the disclosure in a press release on Monday.
“In compliance with the established custom of obedience to court docket orders and sustenance of the Rule of Regulation Precept that characterised the federal government of President Muhammadu Buhari, and by extension, the operations of the Central Financial institution of Nigeria (CBN), as a regulator, Deposit Cash Banks working in Nigeria have been directed to adjust to the Supreme Court docket ruling of March 3, 2023,” Abdulmunin stated.
READ ALSO: Buhari didn’t ask CBN to disobey Supreme Court docket over naira notes – Presidency
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the previous N200, N500 and N1000 banknotes stay authorized tender alongside the redesigned banknotes until December 31, 2023.
“Consequently, all involved are directed to adapt accordingly.”
Earlier on Monday, the Presidency stated the CBN doesn’t want a directive from President Muhammadu Buhari to adjust to the Supreme Court docket order to increase validity of previous naira notes until December 2023.
“It’s subsequently large off the mark accountable the President for the present controversy over the money shortage, regardless of the Supreme Court docket judgement. The CBN has no purpose to not adjust to court docket orders on the excuse of ready for directives from the President,” Presidential spokesman Garba Shehu stated in a press release.
Shehu distanced Buhari from the shortage of money and the noncompliance with the Supreme Court docket order.
READ ALSO: Supreme Court docket extends validity of previous naira notes to December 2023
“The President shouldn’t be a micromanager and won’t, subsequently, cease the Lawyer Common and the CBN Governor from performing the small print of their duties in accordance with the legislation,” Shehu stated.
“In any case. it’s debatable right now if there may be proof of willful denial by the 2 of them on the orders of the apex court docket.”
Shehu insisted that Buhari’s directive after the assembly of the Council of State is that the CBN should make all wanted money accessible for circulation.
“It’s a longtime indisputable fact that the President is an absolute respecter of judicial course of and the authority of the courts,” Shehu stated.
“He has achieved nothing within the final eight or so years to behave in any option to hinder the administration of justice, trigger insecurity within the administration of justice, or in any other case intrude or corrupt the courts and there’s no purpose by any means that he ought to achieve this now when he’s on the point of depart workplace.”
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