Central Bank Of Nigeria Finally Signed Memo For The Collection Of Old Naira Notes.
The Central Bank Of Nigeria has cleared reports with a signed memo that it directed commercial banks across the country to dispense and accept the deposit of old naira notes Which includes old N200, N500, N1000.
The apex bank's Acting director of corporate commission, Isa Abdulmumin announced this in a statement on Monday.
Abdulmumin stated that CBN took this decision based on the Supreme court's ruling on march 3, 2023.
"According, the CBN met with the bank committee and has directed that the old N200, N500, N1000 currencies remains legal tender alongside the redesigned naira notes up until 31st December, 2023.
The CBN statement comes after president Muhammed Buhari absolved himself to any blame for the failure of the apex bank to obey the highest court in the land.
Sanwo olu unveils punishment for any markerter or commercial bank who refuses to receive the old naira note since it is now recognized as part of the country's legal tender.
"All Nigerians can now heave a sign of relief in this matter and we expect more cash to be in circulation to ease our pains while those those who were unable to replace their old naira notes with the scarce new ones will no longer lose their hard earned money" he said.