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CBN Directs Nigerians to Start Spending Old Naira Notes

In compliance with the Supreme Court order, the Central Bank of Nigeria (CBN) has announced a decision to extend the implementation of the naira redesign policy to Dec 31, 2023.

The apex said old banknotes remain legal tender in the Africa’s largest economy following pressures that greeted the implementation of its naira redesign policy.

In contrast to earlier position, the CBN said in a statement issued by its Acting Director, Corporate Communications, lsa AbdulMumin that the decision was reached at Bankers Committee meeting.

By this, Nigerians can begin to execute transactions with old N200, N500, and N1,000 banknotes, the CBN notice posted on its website indicates.

MarketForces Africa reported that the failed implementation of new naira policy has worsened economic activities in Nigeria.

Despite obvious lacuna in its drive to cashless economy, the apex bank had stick to February deadline.

Nigerians believe the CBN decision overtime has been politically motivated – a development that began after its top man lost bid to secure presidential election ticket at party level.

The monetary authority told the public in the statement late night on Monday that its decision is in compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle.

The CBN had kept mute over the apex court order which overturned naira policy design for two weeks – not minding the immediate impacts of its failed policy on people, companies and overall economy.

Sounding political, Godwin Emefiele said the decision to comply is in line with President Muhammadu Buhari’s government character, and by extension, the operations of the Central Bank of Nigeria, as a regulator.

The lender of last resort said it has directed Deposit Money Banks operating in Nigeria to comply with the Supreme Court judgement of March 3, 20

The CBN chief 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.

Stakeholders are directed to conform accordingly.

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