Finally, the Central Bank of Nigeria ( CBN) has directed Deposit Money Banks operating in Nigeria to issue and accept the old N200, N500 and N1000 old banknotes legal tender till December 31,2023.

There has been public uproar concerning the apparent reluctance by the bank to give effect to the ruling of the Supreme Court of Nigeria on the legal tender status of the old and redesigned currencies.

A statement by the Acting Director Corporate Communications of the Apex Bank, Dr. Isah AbdulMumin said the directive is in compliance with the Supreme Court judgement of March 3, 2023, saying that the directive was also in compliance with the established tradition of obedience to court orders and sustenance of the Principles of The Rule of Law the administration of President Muhammadu Buhari is known for.

“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 judgement of March 3, 2023,” the statement said.

The Apex Bank which said it has met with the Bankers’ Committee on the development also directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023, mandated all concerned to conform accordingly.

The Nigeria Labour Congress has issued a seven-day ultimatum to the Federal Government to end the cash crunch in the country.

NLC President, Comrade Joe Ajaero issued the ultimatum on Monday in Abuja, at the opening session of the Central Working Committee (CWC) meeting of the labour union.

Ajaero, who frowned at the difficult situation foisted on Nigerians as a result of the cash swap policy of the Federal Government, warned that on the expiration of the seven days, workers would be directed to stay away from work if nothing is done to ameliorate the situation.

The NLC president equally criticised the current fuel scarcity in the country, lamenting that workers and Nigerians are being pushed to the wall.

Joe Ajaero
NLC President

“On this issue of fuel scarcity and cash crunch, Congress wish to inform the Federal Government that we will no longer keep quiet.

“NLC is giving the CBN and the FG seven working days, if they fail to do the needful at the expiration of the seven days, all workers in Nigeria should stay at home,” Ajaero stated before the meeting went into a closed-door session.

The Supreme Court, in a unanimous decision a 7- member panel on Friday ruled that all the nation’s currencies, old and new, should remain in circulation till the end of December 2023.

It held that the old Naira notes should be used alongside the redesigned currencies.

It faulted President Muhammadu Buhari for introducing the demonization policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.

In the lead judgement that was delivered by Justice Emmanuel Agim, the apex court accused President Buhari of disobeying its interim order that halted the full implementation of the new monetary policy.

The Supreme Court of Nigeria held as follows;

1. The Defendant, that’s the Federal Government, ought not to be heard when it has refused to obey the orders of this Honourable Court. The disobedience of the orders of the Court is a sign of the failure of rule of law.

2. This suit has merits.

3. The demonetisation policy is inconsistent with the CBN Act.

4. The President cannot make a unilateral policy without carrying the Plaintiffs along.

5. In issuing the policy, the president is under an obligation to carry the National Council of States along.

4. The policy has impeded the functions of State Governments.

5. The directive of the President is illegal.

6. Old version of the naira notes shall continue to be legal tender with the new naira notes until 31st December, 2023.