The Central Bank of Nigeria has directed commercial banks to accept and distribute old naira notes as legal tender throughout the country.
The directive was issued at a Bankers’ Committee meeting held on Sunday, according to a statement made by the Acting Director of CBN Corporate Communications, Isa AbdulMumin, on Monday. The decision came after the Presidency confirmed that the CBN should comply with the Supreme Court’s ruling on the naira redesign policy.
The President did not instruct the CBN Governor and Attorney-General of the Federation to disobey any court orders involving the government and other parties. However, the CBN Governor and the Attorney-General have remained silent since the ruling, causing confusion among Nigerians and businesses who have rejected the old notes as legal tender. To enforce compliance with the Supreme Court’s order, state governments have given the Attorney-General and the CBN Governor until Tuesday to comply, warning that they will face contempt charges if they fail to do so.
