CBN finally obeys Supreme Court order, approves use of old N500, N1000 notes

The Central Bank of Nigeria (CBN) has approved the circulation of old N500 and N1000 notes.

The apex bank confirmed this in a statement issued on Monday night.

In the statement issued by Isa Abdulmumin, CBN spokesperson, the apex bank directed commercial banks to start issuing and accepting old notes.

“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.”

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“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.”

Governor Chukwuma Charles Soludo of Anambra State had earlier announced that CBN had complied with the Supreme Court order.

The Anambra Governor said tellers at the commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits.

Soludo said the CBN Governor gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March, 2023.

Later on Monday night, the Presidency issued a statement saying the CBN did not need President Muhammadu Buhari’s directives before complying with the Supreme Court ruling which extended the validity of the old notes.

Buhari broke silence on Monday over penultimate Friday’s decision of the Supreme Court which ruled that the old notes remain legal tender till the end of the year.

The President also rejected the impression that he lacked compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”