CBN Sets Date for 12-Man Meeting As Supreme Court Tells Nigerians to Use Old Naira Notes Till December

**Monetary Policy Committee meeting for the month of March 2023

**The two days meeting will be held in Abuja and presided over by CBN governor, Godwin Emefiele

**The MPC meeting is expected to review the Supreme Court judgment against the CBN’s naira redesign policy, and extensions of old notes validity

The Central Bank of Nigeria (CBN) has announced that its 12-man Monetary Policy Committee (MPC) meeting will take place on Monday, 20th, and Tuesday 21st of March 2023.This comes amidst the recent ruling by the Supreme Court that declared the old naira notes remain legal tender until Sunday, December 31 2023.The judgment effectively overruled CBN and the federal government ban on the use of old N500, and N1000 notes and also the April 10 validity of N200 notes, TrackNews reports.

CBN Naira redesign policy

The naira redesign policy was introduced in October 2022 by the CBN in an effort to reduce counterfeit and drive cashless means of transaction.However, the policy was challenged by state governors at the supreme court citing masses hardship.

Supreme court ruling

Reading out the supreme court ruling, Justice Emmanuel Agim said the correct process for the redesign policy had not been followed.It faulted President Muhammadu Buhari for introducing the policy without the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.He said:““The directive given by President is invalid. Such directive is not just handed down after personal conversation with the governor of CBN Central Bank of Nigeria”Agim, therefore, revealed that the old naira notes will remain valid until December 31, 2023, to relief citizens.

CBN meeting discussion

The judgment by the supreme court among others will form the major discussion for the CBN monetary policy commitee.The committee consists of the Governor of the Bank who shall be the Chairman;The four Deputy Governors of the Bank; Two members of the Board of Directors of the Bank; Three members appointed by the President and Two members appointed by the GovernorThe MPC meeting, which is scheduled to take place in Abuja, will be chaired by the CBN Governor, Godwin Emefiele.Other committee members are the four Deputy Governors of the Bank, two members of the Bank’s Board of Directors, three members appointed by the President, and two members appointed by the Governor.The committee is also expected to review the current state of the economy and make decisions on key policy issues such as interest rates, exchange rates, and inflation.The MPC meeting will be closely watched by analysts and investors alike for any indications of the CBN’s next steps.

First Bank’s top director, Shobo resigns

Meanwhile, in another report, the First Bank of Nigeria’s deputy managing director, Gbenga Shobo, resigned in a similar development.The guidelines limit executive directors, deputy managing directors, and managing directors to a maximum tenure of 10 years.The new guidelines are expected to affect many other bank executive and non-executive board members.