Finally, CBN Directs Banks To Collect, Dispense Old ₦500, 1,000 Notes

The Central Bank of Nigeria has directed commercial banks to dispense and receive old naira ₦500 and ₦1,000 notes as legal tender across the country.

The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the Acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday night.

This is coming hours after the Presidency on Monday evening said the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.

It stated that President Muhammadu Buhari did not instruct the CBN governor, Godwin Emefiele, and the Attorney General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”

It’s been over 10 days since the court handed down the order, but the AGF and the CBN have kept mum over the verdict. Their silence has emboldened Nigerians and businesses to reject the old notes as legal tender.

The full statement:

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