The Central Bank (CBN) have finally obeyed the Supreme Court ruling that the old N500 and N1000 notes are now legal tender.
The apex bank said that in a statement released Monday, March 13, 2023, that the old notes should be accepted by everyone.
However, the statement came after President Muhammadu Buhari said he did not direct CBN Governor Godwin Emefiele Emefiele and Attorney General of the Federation, Abubakar Malami to disobey Supreme Court Ruling.
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CBN’s spokesman Isa Abdulmumin had debunked Chukwuma Souludo’s comments in an interview that he spoke to Emefiele on the phone that the old notes can be recirculated into the system
Abdulmumin categorically stated that the ex-CBN governor’s statement should not be taken as the official stance of the apex bank.
He added that the CBN has yet to notify commercial banks to reissue the old N500 and N1,000 notes.