Business

Old naira notes : We don’t have information on Supreme Court’s ruling – CBN

Published

2 weeks ago

4 March 2023

Mathew Ojo

Old naira notes We don t have information on Supreme Court s ruling CBN — Naira

The Central Bank of Nigeria (CBN) says it has no information on the recent ruling of Supreme Court that restored old N200, N500 and N1,000 notes as legal tender until 31 December, 2023.

On Saturday, an official of the CBN told The Nation that the communications department has not been informed of any new developments on the Supreme Court judgement.

Asked when the CBN will start releasing cash to banks, the official replied they “don’t have that information”.

The Supreme Court on Friday ruled that the old bank notes will remain as legal tenders while also declaring that the N20,000 withdrawal limit set by the apex bank was illegal.

Without any official pronouncement from the CBN, Deposit Money Banks (DMBs) cannot act outside the last instruction by the apex bank that N20,000 will be the withdrawal limit for individual account holders.

The latest withdrawal threshold, it was learnt, has put doubts in the minds of many Nigerians who prefer to save their money outside the banking system.

Asked if the Supreme Court judgement describing the N20,000 withdrawal limit as illegal will negatively impact the CBN’s cashless policy, another official of the CBN said: “The cashless policy has been in operation since 2012 and many Nigerians are already keying into the idea”.

(NATION)