Ten days after, the Central Bank of Nigeria, CBN, has finally bowed to the judgement of the Supreme Court on validity of old N200, N500 and N1000 notes yo remain a legal tender till December 31, 2023.

The apex bank announced the development, in a statement through its spokesperson, Isa Abdulmumin, on Monday night.

The statement read, “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 Supreme Court had on March 3, 2023, extended the the validity of the N200, N500, and N1,000 notes till 31 December.

A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians.

The court held that the directive of President Muhammadu Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation was invalid.

Emmanuel Agim, a member of the panel, who read the lead judgement, also condemned the President’s disobedience of the court’s 8 February order that the old N200, N500, and N1,000 notes should continue to circulate alongside the new ones.

He said the president’s broadcast of 16 February that only N200 notes should remain legal tender made Nigeria’s democracy look like a mere pretension while democracy is replaced with autocracy.