CBN directs banks to dispense and receive old Naira notes following FGN’s statement

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The Central Bank of Nigeria has directed commercial banks to dispense and receive old naira notes as legal tender across the country.

This was after President Muhammadu Buhari explained via a statement on Tuesday that he has never directed anybody to defy court orders, in the strong belief that democracy cannot be practised without the rule of law and the commitment of his administration to this principle has not changed.

A statement by the acting Director, CBN Corporate Communications, Isa AbdulMumin, stated that the apex bank gave the directive at a Bankers’ Committee meeting held on Sunday.

Banks have now been authorised to dispense and receive the old Naira notes.