Who would have thought that the Central Bank of Nigeria (CBN), would finally align with the Supreme Court and approve use of the old Naira notes again?
The CBN it would seem has finally come to the realisation that its silence will add more pepper to the injury Nigerians have sustained from the scarcity of Naira notes.
In fact, many Nigerians will wake up to this news and heave a sigh or relief.
Sadly, a good policy had plunged the innocent citizens of Nigeria into unnecessary hardship and search for the Naira.
Monday night will go down in history for Nigerians, as the CBN has reluctantly issued a press release informing Nigerians that the old ₦200, ₦500 and ₦1000, all remain legal tender until December 31, 2023.
The first paragraph of the release would not sit well with most Nigerians who saw the apex bank parade itself as an agency of the government too big to be controlled by the courts.
Tradition Of Obedience
According to the release, which was signed by acting director of corporate communications Isa AbdulMumin, the 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 characterised 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 judgement 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.
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“Consequently, all concerned are directed to conform accordingly”.
With the above statement, Nigerians can go to the bank to deposit their old naira notes which the Supreme Court had earlier restored as a legal tender until December 31.
The old ₦200, ₦500 and ₦1000 denominations remain legal tender alongside the redesigned banknotes.
Deposit Money Banks, traders and transporters can now accept the old ₦200, ₦500 and ₦1000 as a legal tender.
Getting The Notes To Circulate
Indeed, it will seem like Christmas is here for Nigerians. But it is not yet Uhuru.
After the meeting of the Bankers, the Governor of Anambra State, Charles Chukwuma Soludo, advised residents of his state to begin the implementation of the approval.
He said: “The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night.
“Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (₦200, ₦500; and ₦1,000) and the new notes”, the statement contained.
The CBN has spoken, but whether the notes that were already mopped up would be released back into the economy is what Nigerians will wait to see.
