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Tuesday, December 5, 2023

Breaking: More Naira Notes In Circulation As Banks Receive Old Ones Deposited With CBN Today


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Central Bank of Nigeria (CBN), has instructed Nigerian banks to collect the old Naira noted they deposited in CBN and that before the end of the week, the country should be awash with Naira notes to end the prevalent scarcity and economic hardship in the country.

According to the CBN, “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.

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

The highest court of the land had on March 3 ordered that old N200, N500, and N1000 notes remain valid till December 31, 2023.

The CBN’s statement came after President Muhammadu Buhari absolved himself of any blame for the failure of the apex bank to obey the highest court in the land.