According to Nairametrics, the CBN is yet to comply with the Supreme Court order due to the absence of the document.
The CBN had in its recent ruling on Friday, March 3, 2023, ordered the apex bank to extend the deadline date for the usage of the old denomination of N1000 and N500 notes adding that the old naira notes would remain legal tender until December 31, 2023.
By giving this order, the apex court nullified President Muhammadu Buhari’s earlier instruction asking the CBN to release only the N200 notes while upholding the order banning the use of the older denominations of the N1000 and N500 notes.
Nairametrics reports that the CBN is currently making efforts to retrieve the CTC from the Supreme court.The platform also mentioned that a source from the Ministry of Justice confirmed that the FG has to obtain the CTC so it can direct the CBN on the next step to take.
While the CBN is yet to officially advise commercial banks on the next step, most have started dispensing the old notes which have been accepted as legal tender by a cross-section of Nigerians.
Some other banks, however, have refused to take any decision on the matter until there is an official proclamation from the apex bank. Some traders and businesses like motorists, fuel stations, retailers, traders, and other categories of bank customers rejected the old currencies as there was no official announcement on the issue.
Amid the whole confusion, the CBN spokesman, Isa Abdulmumin, while speaking with the Daily Trust recently confirmed that the CBN has not issued an official statement on acceptance of the old N1000, and N500 as legal tender.
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
