The CBN instructs banks to accept and dispense old naira notes.

Commercial banks are required by the Central Bank of Nigeria to accept and disburse old naira notes as legal money everywhere in the nation.

According to a statement made on Monday by the acting director of CBN Corporate Communications, Isa AbdulMumin, the order was given by the CBN at a Bankers' Committee meeting that took place on Sunday.

This comes just hours after the presidency declared Monday night that the CBN has no excuse not to follow the Supreme Court's decision regarding the naira redesign strategy.

The Attorney-General of the Federation, Abubakar Malami, and CBN Governor Godwin Emefiele were reportedly not given any directives by President Major General Muhammadu Buhari (retired) to defy "any court rulings involving the government and other parties."

The directive was in accordance with the Buhari administration's adherence to court orders, the apex bank claimed in a statement headed "Old N200, N500, and N1,000 banknotes Stay Legal Tender - CBN".

According to the statement, "Deposit money banks operating in Nigeria have been directed to comply with the Supreme Court ruling from March 3, 2023. This is in keeping with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria as a regulator.

In light of this, the CBN convened with the Bankers' Committee and decided that the existing N200, N500, and N1000 banknotes should continue to be accepted alongside the new banknotes through December 31, 2023.

As a result, everyone involved is commanded to do so.