Central Bank of Nigeria (CBN) has directed all banks in the country to adhere to the Supreme Court's order on the old N200, N500 and N1000 banknotes...

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Published (Updated) on Tuesday, March 14, 2023

CBN Directs Banks to Comply with Supreme Court Order on Old Banknotes

The Central Bank of Nigeria (CBN) has directed all banks in the country to adhere to the Supreme Court's order on the old N200, N500 and N1000 banknotes. This directive was issued during a meeting between the CBN and the Bankers' Committee. The old banknotes will remain legal tender alongside the redesigned banknotes until December 31, 2023, according to the CBN.

The apex bank's directive came shortly after the Presidency clarified that President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, Abubakar Malami, and CBN Governor Godwin Emefiele to disregard the Supreme Court's deadline on the naira swap.

In a statement by the Acting Director of Communications, Isa AbdulMumin, the CBN stated that it is in compliance with the established tradition of obedience to court orders, and therefore, all concerned parties are expected to comply accordingly.

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