Barely few minutes after 7-day ultimatum to FG, CBN finally opens up, approves Old N1000, N500 Notes as legal tender

When Labour sneezes FG catches cold, immediately swung into action, made public announcement on the Naira scarcity.

That the economy has witnessed standstill following the Naira redesign policy which has inflicted untold injuries on both human beings and businesses may not longer be news.

The hot and fresh news now is that Central Bank of Nigeria [CBN] has finally broken silence few minutes after Nigeria Labour Congress [NLC] gave 7-day ultimatum to Federal Government and CBN to address the Naira scarcity or face the consequence from organised labour.

The coming out of CBN from shelf, after 11 days silence, stylish and partial disobedience to Supreme Court judgement since 3 March, 2023, apparently in fear of organised labour came out with public announcement.

Worried by the harsh condition the masses are being subjected to, NLC President, Comrade Joseph Ajaero on Monday 13 March 2023 evening gave the 7-day ultimatum

It would be recalled that the Central Bank of Nigeria [CBN] apparently reacting on the 7-day ultimatum given by NLC, on Monday evening, broke silence to say that the old N200, N500 and N1000 notes remain legal tender until December 31, 2023.

Isa Abdulmumin, CBN spokesperson, announced the development in a statement on Monday.

“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.”

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