The Central Bank of Nigeria, on Monday, March 13, 2023, confirmed Governor Chukwuma Soludo’s statement, where he stated that the CBN Governor, Dr. Godwin Emefiele, personally confirmed to him during a phone conversation on Sunday night after a Bankers’ Committee meeting of a directive to Commercial Banks to dispense old currency notes and to also receive same as deposits from customers.
He further stated that there is no limit to the number of times an individual or company can make deposits.
The CBN Governor, Dr. Emefiele, on Monday night in compliance with the established tradition of obedience to Court orders and sustenance to 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 Bank operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
Accordingly, CBN met with the Bankers’ Committee and has directed that the old N200, N500, and N1000 Banknotes remain legal tender alongside the redesigned banknotes until December 31, 2023.
Consequently, all concerned are directed to conform accordingly.
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