POPULAR
  • How Design A wEBSITE
  • BBN
  • Basket Ball
  • Box Office
  • CONTACT US
SUBSCRIBE
  • Home
  • News
  • World News
  • Breaking
  • Sport
  • Entertainment
  • Business
  • Health & Fitness
Reading: Finally, CBN orders banks to accept old N200, N500, N1,000 bank notes
Share
BrainBoxNews - Breaking News - Nigeria News - Entertainment NewsBrainBoxNews - Breaking News - Nigeria News - Entertainment News
Aa
  • News
  • World News
  • Sport
  • Trending
  • Adventure
Search
  • Home
    • Home 4
  • Categories
    • News
    • World News
    • Sport
    • Trending
  • Bookmarks
    • My Bookmarks
    • Customize Interests
  • More Foxiz
    • Blog Index
    • Sitemap
Have an existing account? Sign In
Follow US
© Foxiz News Network. Ruby Design Company. All Rights Reserved.
BrainBoxNews - Breaking News - Nigeria News - Entertainment News > Blog > Latest News > Finally, CBN orders banks to accept old N200, N500, N1,000 bank notes
Latest News

Finally, CBN orders banks to accept old N200, N500, N1,000 bank notes

Brainbox
Last updated: 2023/03/14 at 8:18 AM
Brainbox
Share
6 Min Read
Finally, CBN orders banks to accept old N200, N500, N1,000 bank notes
SHARE


Finally, CBN orders banks to accept old N200, N500, N1,000 bank notes

The Central Bank of Nigeria, CBN, last night directed all banks to obey the Supreme Court order on the old N200, N500 and N1000 notes.

The apex bank in a statement by the Ag Director of Communications, Isa AbdulMumin, said: “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 ruling of March 3, 2023.

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.

The CBN’s directive came shortly after the Presidency yesterday said President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami, SAN, and governor of the Central Bank of Nigeria, CBN, Godwin Emefiele to disobey the Supreme Court order on the naira swap deadline.

It also said the CBN had no reason not to comply with court orders on the excuse of waiting for directives from the President.

A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, last night, stated that President Buhari had never interfered in the activities of the judiciary and had no reason to do that now he had a few months to exit from office.

The statement said: “The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN governor to disobey any court orders involving the government and other parties.

“Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.

“Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.

“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case. it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.

“The directive of the President, following the meeting of the Council of State. is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.

“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts.

“He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.

“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.

“As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.

“It is, therefore, wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.

“President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”

[Vanguard]



Source link

You Might Also Like

Man Utd: Bruno Fernandes ‘agreement close’ as ‘key factor’ surfaces with ‘final’ decision deadline set

Bruno Fernandes decision, £30m alternatives – Man United next transfer after Matheus Cunha signing

Nigerian Bar Association Demands Urgent Probe Of JAMB, WAEC Glitches By National Assembly

Kylian Mbappe makes feelings clear on PSG winning Champions League without him

TAGGED: accept, bank, banks, CBN, finally, N1000, N200, N500, notes, orders
Brainbox March 14, 2023
Share this Article
Facebook Twitter Email Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

New Releases

Trending Stories

Man Utd captain Bruno Fernandes
Latest News

Man Utd: Bruno Fernandes ‘agreement close’ as ‘key factor’ surfaces with ‘final’ decision deadline set

June 1, 2025
Game

World of Warcraft Burning Crusade Classic Leaks Ahead of BlizzCon

May 14, 2022
News

She-Hulk: Attorney at Law review – female empowerment has never been so much fun

May 16, 2022
World News

Eight years after leading Buhari to Obasanjo, Tinubu meets ex-president for own ambition

May 16, 2022
Sport

Nationwide blackout, N3b lost to TCN strike as grid crashes

May 16, 2022
Entertainment

British billionaire Sir Jim Ratcliffe move to buy Man United

May 16, 2022

Follow US on Social Media

Facebook Youtube Steam Twitch Unity

© Brainbox News Network. All Rights Reserved.

More from Brainbox

  • Job @brainboxnews.com
  • Privacy Policy
  • Advertise
  • Subscribe

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?