We’re obeying CBN’s order on old naira notes – Unity Bank
A popular commercial bank, Unity Bank Plc has started obeying the order of the Central Bank of Nigeria, CBN, which mandates all commercial banks to accept old naira notes as legal tender till December 31, 2023.
It was gathered that the 2 branches of the bank has begun complying with the order of the apex bank, as they were accepting the old naira notes N200, N500 and N1,000 from customers in cash deposit.
“There is nothing anybody can do when CBN has spoken. With the new directive from CBN, we have started accepting and paying out the old notes,” a branch manager with the bank who asked not to be named because he doesn’t have the permission of the head office to make official comment on the issue told our correspondent.
President Muhammadu Buhari has said that the Central Bank of Nigeria (CBN) does not need his order before it would obey the judgement of the Supreme Court.
The president on Monday, March 13 said the CBN does not need his consent before it would follow the directive of the apex court.
This was revealed in a statement released by a presidential media aide, Malam Garba Shehu.
The presidential spokesperson said the Nigerian leader did not sponsor the Governor of CBN, Godwin Emefiele and the Attorney General of the federation, Abubakar Malami to disobey order of the Supreme Court.
The Central Bank of Nigeria (CBN) has declared the old naira notes N200, N500 and N1000 legal tender until December 31, 2023.
This was revealed by the spokesperson of the apex bank, Isa Abdulmumin, CBN spokesperson in a statement on Monday, March 13, 2023.
“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,” the statement reads.
“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.”
