We Did Not Approve Recirculation Of Old Naira Notes – CBN

After weeks of silence following the Supreme Court ruling, the Central Bank of Nigeria (CBN) has said that it did not approve the recirculation of old N500 and N1000 notes.

New Telegraph reports that several reports suggested that the apex bank had approved the recirculation of old naira notes till December 31, 2023, as some commercial banks on Wednesday started re-issuing the old naira notes into the system across the country.

The Supreme Court had in a unanimous decision by a seven-member panel of justices on Friday, held that the old banknotes should remain in use until the end of the year.

But reacting to the new development in a statement issued by the CBN Acting Director of Corporate Communications, Isa Abdulmumim declared the report as ‘fake news’…………………………………...CONTINUE READING

He further urged Nigerians to disregard it and avoid purveyors of ‘fake news’.

However, the Managing Director/Chief Business Officer at Optimus by Afrinvest, Ayodeji Ebo said, “I think this is positive for the economy and gives the CBN more time for the implementation of the new policy.

“Also positive for small businesses. We will be awaiting the CBN’s response to the Supreme Court decision on this subject.”

Uche Uwaleke, Professor of Capital Market at the Nasarawa State University Keffi, had also advised the CBN to comply with the ruling from the highest court in the country.

According to him, doing so would help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy.

He had said: “Be that as it may, it’s important to recognize that the CBN has recorded some achievements in terms of the objectives it set out to achieve.

“The reduction in huge cash circulating outside the commercial banks, the surge in electronic transactions, and the increase in financial inclusion are part of the achievements recorded thus far.”