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10 days after, CBN says all old naira notes remain legal tender

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Following fast trends of reactions after the fire-brand Comrade Joe Ajaero led Nigerian Labour Congress (NLC) gave a 7-Day ultimatum to the government to resolve the naira scarcity crisis; first, the presidency swiftly responded dissociating self from the Central bank of Nigeria’s (CBN) delayed response to the march 3, 2023 Supreme Court judgment allowing the continuous use of all notes till December 31st.
Secondly, same yesterday night and barely one hour after the presidential statement, the CBN woke up from 10-day slumber to issue an acceptance statement to the judgment after all.
The CBN said in the statement as follows: “The Central Bank of Nigeria (CBN) says the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.
Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday.
“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 ruling of March 3, 2023,” the statement reads.
“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.”
The CBN failed to render apologies for the 10 days delay but did not waist up to one hour to respond to The Nation’s front page news on alleged support for Lagos Labour party guber candidate yesterday.


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