Who would have guessed that the Central Bank of Nigeria (CBN) would finally agree with the Supreme Court and allow the use of old Naira notes once more?
The CBN, it appears, has finally realized that its silence will add salt to the wound caused by the scarcity of Naira notes in Nigeria.
In fact, many Nigerians will sigh with relief when they hear this news.
Unfortunately, a good policy had put innocent Nigerians through unnecessary hardship and the search for the Naira.
The CBN reluctantly issued a press release on Monday night informing Nigerians that the old 200, 500, and 1000 notes will all remain legal tender until December 31, 2023.
The first paragraph of the release will irritate most Nigerians, who see the central bank as a government agency too large to be controlled by the courts.
According to the release, which was signed by acting director of corporate communications Isa AbdulMumin, CBN governor Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.
“It reads: “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 judgment of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old ₦200, ₦500 and ₦1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
