The Central Bank of Nigeria (CBN) has affirmed the Nigeria Supreme Court’s ruling on Wednesday that the Old Naira notes will remain legal tender of the country till further notice.
The apex bank in a statement on Wednesday also directed banks to comply with this ruling to issue and accept old notes alongside the redesigned indefinitely.
Earlier, the Supreme Court ordered that the old N200, N500, N1000 notes should continue to co-exist with the new notes till further notice when the Federal Government is expected to have put a process in place for its replacement or redesign after due consultation with relevant stakeholders.
The seven-man panel led by Justice Inyang Okoro gave the ruling following an application by the Federal Government seeking asking the court to grant an extension of time for old naira notes to remain in circulation as a legal tender.
The Federal Government also prayed the court to lift its March 3 order noting that the extension of time is necessary as it has not been able to print the volume of new notes that would enable a phase out of the old currency before the December 31 order.
In the fresh application by the Attorney-General of the Federation (AGF), Lateef Fagbemi, the Federal Government further explained that should the Supreme Court decline its request to extend the period of circulation of old notes, the country stands the risk of descending into another national, economic and financial crisis as witnessed in the first quarter of the year when the naira redesign policy was being implemented under the former Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
