Emefiele Bows To Pressure, Says Old N200, N500, N1,000 Notes Remain Legal Tender Till Dec 31

After the March 3 judgement by the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank customers and Nigerians into confusion as the ruling of the apex court contradicted the directive of the President on February 16 that old N500 and N1000 notes are banned and old N200 notes remain valid till April 10.

However, the Presidency broke its silence on Monday, saying the President never told the CBN and the AGF not to obey the order of the apex court.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President,” the Presidency noted.


The Presidency also said the President is an absolute respecter of the rule of law and that the “negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust”.

Back Story
The CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.

However, the President, in a national broadcast on February 16, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).

Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and

https://worldtopnewsng.com/cbn-breaks-silence-says-old-n200-n500-n1000-notes-remain-legal-tender-till-dec-31/

To have money is Human but to withdraw is EMEFIELE