Emefiele Surrenders at Last, Directs Banks to Accept Old Notes |
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The Central Bank of Nigeria, CBN, Godwin Emefiele has finally surrendered, regarding his ill-fated naira redesign policy. At last, the CBN has directed commercial banks and other financial institutions in the country to continue to accept and pay out the old 500 and 1,000 naira notes till December 31, 2023, in line with the judgement of the Supreme Court. In a statement signed by Acting Director of Corporate Communications at the apex bank, Isa Abdulmumin, the CBN disclosed that it met with the Bankers’ Committee and directed that the old banknotes remain legal tender, alongside the redesigned notes. Meanwhile, the presidency said the CBN did not need a further directive from President Muhammadu Buhari to comply with the Supreme Court order. On this programme, we have consistently questioned the implementation of the policy and stressed the need for the authorities concerned to obey the order by the apex court.
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