The Governor of Central Bank of Nigeria(CBN) Godwin Emefiele, in a Press release dated 13 March 2023, and signed by the Acting Director, Corporate Communications has eaten his words. A circular to this effect came on the heels of Nigerians’ outcry on the suffering of the populace and the economic doldrums the nation has been battling with since the policy on currency swap.
In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court judgement of March 3, 2023.
Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.
Isa AbdulMumin Ag. Director,
Corporate Communications March 13, 2023