Central Bank of Nigeria, CBN has directed all Deposit Money Banks to accept and transact with the old 200, 500, 1000 naira notes alongside the new currencies till December 31, 2023 when the old notes will become invalid according to the Supreme Court ruling of March 3, 2023.
CBN made the directive known in a press release made available around 10 pm on Monday night and signed by its Acting Director of Corporate Communication, Isa Abdulmumin.
According to the CBN, the decision to make the old notes legal tender till December 31, 2023 was reached after it met with Bankers’Committee last Sunday.
“Old 200, 500, and 1,000 naira banknotes Remain Legal Tender.
“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.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old 200, 500 and 1000 naira banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.
“Consequently, all concerned are directed to conform accordingly”, CBN said.
OsazuwaAkonedo reports that many businesses in Nigeria suffered a lot of setbacks following naira scarcity and poor management of the cashless policy of the apex bank that came into effect in February, 2023. There was generally low patronage or poor sales.
Many residents and citizens in the country were subjected to untold hardship due to naira scarcity coupled with poor awareness and a poor follow up strategies for people to accept electronic means of transactions.
Many people were stranded on the road as commercial drivers do refuse to accept electronic means of payment or transferring money from one bank account to another online as a way of settling cost of transportation.
It was also observed that most commercial drivers don’t have POS machine or alternative means of collecting payment electronically in their vehicles.
It was also generally observed that the scarcity of naira led to drastic drop in the previously reoccurring high rate of kidnapping for monetary ransom in Nigeria.