CBN Bows to Pressure, Reintroduces N500, N1000 Notes Into Circulation After Buhari's Statement

• The Central Bank of Nigeria has caved into pressure and said that N200, N500, and N1000 notes are legal tenders
• The bank stated that it is complying with the Supreme Court Judgement, which extended the validity of the notes to December 31, 2023
• The development comes after Anambra State Governor Chukwuma Soludo said the CBN Governor, Godwin Emefiele has directed banks to issue the old naira notes

The Central Bank of Nigeria said the old N500 and N1000 notes are now legal tender.

The CBN said that in a statement released Monday, March 13, 2023.

The statement comes after Buhari said it did not direct the CBN Governor, Godwin Emefiele, and Attorney General of the Federation, Abubakar Malami, to disobey Supreme Court Ruling.

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CBN said the Bankers Committee has agreed to abide by the rule of law and allow the recirculation of old N200, N500, and N1000 notes.

CBN has been under intense pressure to heed the Supreme Court judgement which extended the validity of the banknotes to December 31, 2023.

Legit.ng had reported that CBN’s spokesman, Isa Abdulmumin debunked Soludo’s statement during a telephone interview.

According to Abdulmumin, Soludo’s statement should not be taken as the official stance of CBN.

He said the apex has yet to notify commercial banks to reissue the old N500 and N1,000 notes.

Soludo confirms CBN Governor says banks can accept old currencies

Soludo had stated the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, had confided in him during a private phone conversation that the bank has directed commercial banks to issue the old naira notes.

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He further stated that the matter was discussed during the Bankers’ Committee meeting on Sunday, March 12, 2023.

Soludo directed residents of Anambra to accept the old naira notes and report any bank rejecting them.

In a statement signed by Soludo, he said commercial banks have been directed by CBN to dispense the old naira notes.

The former CBN governor stated that Tellers are to generate deposit codes and that there is no limit to the number of times an individual or company can make a deposit.

Soludo’s statement was widely reported, causing confusion among Nigerians rejecting the old banknotes because CBN has authorised them as legal tender.

Old Naira Notes: Supreme Court serves order on Malami, FG

Legit.ng reported that the Central Bank of Nigeria appears to have been waiting for a copy of the Supreme Court order before taking action on the old naira notes.

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CBN debunks Soludo statement, says it has not issued directive to banks on old naira notes

Recall that Legit.ng reported that a source in the bank had hinted that the CBN is waiting for legal advice before it takes any step regarding the Supreme Court order.

Legit.ng had reported that CBN’s spokesman, Isa Abdulmumin debunked Soludo’s statement during a telephone interview.

Source: Legit.ng