Commercial banks are required by the Central Bank of Nigeria to accept and disburse old naira notes as legal money everywhere in the nation.
According to a statement made on Monday by the acting director of CBN Corporate Communications, Isa AbdulMumin, the order was given by the CBN at a Bankers’ Committee meeting that took place on Sunday.
This comes just hours after the presidency declared Monday night that the CBN has no excuse not to follow the Supreme Court’s decision regarding the naira redesign strategy.
The Attorney-General of the Federation, Abubakar Malami, and the CBN governor, Godwin Emefiele, were instructed not to defy “any court rulings involving the government and others,” according to the President, Major General Muhammadu Buhari (retd.).