CBN Says No Information on Supreme Court Ruling Regarding Old Naira Notes
- Nigerians are still waiting for information from the Central Bank of Nigeria regarding the use of old naira note
- The CBN is, by law, the regulatory body for financial institutions and issues directives on monetary issues
- The Supreme Court extended the validity of old naira notes for an additional 10 months, ending on Sunday, December 31, 2023
The Central Bank of Nigeria (CBN) has yet to make an official statement regarding the Supreme Court's judgment extending the validity of old N200, N500, and N1,000 notes.
The Supreme Court of Nigeria ruled that the old N200, N500, and N1000 notes will remain legal tender until December 31, 2021, and Nigerians are allowed to continue using them for transactions until then.
However, despite reactions from Governors insisting on obedience to the court's judgment, both the CBN and federal government are yet to make an official statement.
Source: Getty Images
The CBN's lack of clarity on the matter has left many people uncertain about how to proceed.
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Legit.ng reported that 24 hours after court rulings, filling stations, and traders have continued to reject the old naira notes.
CBN remains silence
The Nation quoted an official from the CBN's communications department revealing that they have not been informed of any new developments on the Supreme Court's judgement.
When questioned about when the CBN would start releasing cash to banks, the official replied that they did not have any information.
Legit.ng has also attempted to speak to the acting Isa Abdulmumin as its acting director of the Corporate Communications Department but was unsuccessful.
The supreme court judgement
The Supreme Court's ruling declared that the old banknotes would continue as legal tender.
However, without any official announcement from the CBN, Deposit Money Banks (DMBs) cannot act outside of the last instruction by the apex bank that the withdrawal limit for individual account holders is N20,000.
Experts speak on S/court old notes order, as banks wait for CBN
In another report, financial experts have commented on the Supreme Court's ruling regarding old naira notes.
The legal tender status of old naira notes will remain for 10 more months, until December 2023.
Banks in Nigeria are awaiting instructions from the CBN on implementing the Supreme Court's order.
Source: Legit.ng
