CBN Directs Banks To Start Circulating, Receiving Old N500 And N1,000 Notes
The Central Bank of Nigeria (CBN) has finally ordered banks to start receiving and collecting the old N500, and N1,000 notes from customers with immediate effect.
The apex bank on Monday night, said the decision was taken on sunday night between its governor, Godwin Emefiele and members of the bankers committee in Abuja.
CBN acting director of corporate communication, isa abdulamumuni in a statement said banks have been directed to comply with the order of the supreme court last march 3, that the old naira notes remain valid until December 31.
Read Also:
Timaya Says Not All Relationship Must End In Marriage
The CBN took the decision, ahead of the march 14 deadline issued by ten state governments to the apex bank to compley woth the order of the apex bank.
The ten state governments said they would return to the supreme court to file a contempt suit against the cbn director and the attorney general of the federation.
On 8 February, the Supreme Court gave an order restraining the CBN from enforcing the deadline for the phasing out of the N200, N500, and N1000 notes pending the hearing of a lawsuit brought by three states challenging the new currency redesign policy.
The order came as a relief for many bank customers as frustrated Nigerians had besieged ATM points in a bid to access their money.
But despite the order, both Mr Buhari and the CBN governor, Godwin Emefiele, refused to adhere to the court order.
Again, the Supreme Court on 3 March ruled that the Central Bank of Nigeria (CBN) must extend the use of old banknotes until 31 December due to the negative impact of the policy.
A seven-member panel of the court, led by John Okoro, unanimously ordered the CBN to continue receiving the old notes from Nigerian citizens.
The court found that President Muhammadu Buhari’s directive to the CBN on the withdrawal of old notes and redesign of new banknotes without proper consultation was invalid.
On Monday, hours after the presidency said that Mr Buhari never directed the CBN to disobey the order of the Supreme Court, the CBN directed banks to comply with the apex court’s order and accept the old notes as legal tender until the end of the year.
