February 15, 2023

The Presidency has dismissed as false the assertion that the Federal Government or the Central Bank of Nigeria (CBN) had refused to recognise old N200, N500 and N1,000 notes as legal tender despite Supreme Court ruling.

Zamfara, Kaduna and Kogi had approached the Supreme Court of Nigeria for reliefs on behalf of their citizens to challenge the Feb. 10, CBN deadline for old naira notes to cease to be legal tender.

The Supreme Court in its ruling on Feb. 8, directed all parties to maintain the status quo and quashed the Feb.10, 2023 deadline till the determination of the case which was adjourned to Feb. 15, 2023.

However, financial institutions including banks as well as filing stations, supermarkets and other business owners have continued to reject the old Naira notes despite the Supreme Court ruling.

Some banks were reported to have based their decision of rejecting the old notes on a circular emanating from the CBN.

The Governor of the CBN was also quoted at a meeting with diplomats in Abuja on Tuesday as saying that the old notes were no longer legal tender from Feb. 10, 2023.

Malam Garba Shehu, the President’s spokesman, late Tuesday night in a statement, however, said:

“We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.

“The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow.”