Emefiele Eventually Gives in to Pressure and Declares Old Naira Notes to be Legal Currency.
Godwin Emefiele, the governor of the Central Bank of Nigeria, succumbed to pressure on Monday and formally ordered commercial banks to follow the Supreme Court’s ruling, which allowed the use of old N1000 and N 500 notes as legal money until December 31, 2023.
The old N200, N500, and N1,000 were also declared to be legal money till the end of the year. The Federal Government and the CBN were criticized earlier on Monday by the Nigerian Bar Association and the Nigeria Labour Congress for disobeying the Supreme Court’s ruling over the old naira notes.
Concerned by the development, the state governments engaged in the lawsuit threatened to accuse the two officials of contempt if they didn’t comply.
