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CBN Complies With Supreme Court Judgement, Says Old Naira Notes Remains Legal Till….
Central Bank Of Nigeria Complies With Supreme Court Judgement, Says Old Naira Notes Remains Legal Till December 31st 2023
The Legality of Old N200, N500, and N1,000 Banknotes: CBN’s Compliance with Supreme Court Judgement
Godwin Emefiele Honours Supreme Court Judgement, Orders Bank To Accept Old Naira Bank Notes.
Important Notice – Godwin Emefiele Exposed!!!!
This hush hush update is coming from extremely corrupt and stubborn Emefiele about 20 hours after confirmed sources exposed his plot to take over Lagos from Tinubu
The Central Bank of Nigeria (CBN) has released a statement (issued on March 13th 2023) declaring that the old N200, N500, and N1,000 banknotes will remain legal tender until December 31, 2023. This announcement comes after a Supreme Court judgment on March 3, 2023, which directed the CBN to sustain the Rule of Law principle in its operations.
This decision by the CBN has been welcomed by many Nigerians who have expressed relief that they will not have to go through the process of exchanging their old banknotes for new ones. The CBN has also directed Deposit Money Banks (DMBs) operating in Nigeria to comply with the Supreme Court judgment and allow the old banknotes to remain in circulation alongside the redesigned banknotes.
In compliance with the directive, the Bankers’ Committee has also held meetings to ensure that their operations and policies align with the CBN’s directive. This means that all financial institutions must accept and circulate the old banknotes until the end of December 2023.
The CBN’s decision to allow the old banknotes to remain legal tender alongside the redesigned banknotes will provide relief to many Nigerians, especially those who may have been struggling to exchange their old banknotes. This will also help to reduce the pressure on banks and other financial institutions who would have had to deal with a large volume of requests for banknote exchanges.
However, it is important to note that even though the old banknotes will remain legal tender until December 31, 2023, they will eventually be phased out. Therefore, it is advisable for individuals to gradually exchange their old banknotes for new ones to avoid being caught in a situation where they are left with large sums of old banknotes that cannot be exchanged.
The decision of the CBN to allow the old N200, N500, and N1,000 banknotes to remain legal tender until December 31, 2023, is a welcome development.
This will provide relief to many Nigerians who may have been struggling to exchange their old banknotes. It is important for individuals to gradually exchange their old banknotes for new ones to avoid being left with large sums of old banknotes that cannot be exchanged. The CBN’s directive will help to ensure a smooth transition to the new banknotes while upholding the Rule of Law principle.
Below is a copy of the official press release from the Central Bank Of Nigeria.
The directives issued yesterday was officially announced via CBN Twitter page at 5:32pm Monday the 13th of March 2023.