Central Bank of Nigeria swallows pride, complies with Court order on old naira notes

The Central Bank of Nigeria(CBN) has finally  swallowed its pride and retraced its steps by complying with the Supreme Court order on the old naira notes, which it affirmed remains legal tender till end of the year.

Penpushing reports that the compliance was contained in a statement dated March 13 2023 by the apex bank issued by Acting Director, Corporate Communications, Isa AbdulMumin and directed all commercial banks and  others concerned to conform accordingly.

The statement titled, “Old N200, N500, and N1,000 Bank Notes Remain Legal Tender”, explained that the decision was reached after the Central Bank of Nigeria(CBN) met with the Bankers’ Committee.

“In compliance with the established tradition of obesity 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 bank notes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently,all concerned are directed to conform accordingly”, the statementemphasized.

Penpushing further reports that it is recalled that Ogun State Governor Prince Dapo Abiodun had earlier confirmed the readiness of Central Bank of Nigeria (CBN) to rescind its decision on the controversy surrounding circulation of old naira notes, and comply with Supreme Court directive, that the old naira notes remain legal tender till December 31, 2023.

The Governor who affirmed this development said he had spoken with the Governor of Central Bank of Nigeria (CBN), Godwin Emeifele shortly after he (Emefiele) held a meeting with the Managing Directors of the Commercial banks in the country

The Governor of Ogun State Governor told Penpushing Media that, following his discussions with Emefiele, a sign of relief was on the way for the suffering innocent Nigerians who had been facing difficult time as a result of the policy.

Penpushing also reports that Abiodun said he took his time to put a telephone call across to Emefiele in view of the hardship Nigerians are facing, and that it was necessary to urgently address the issue before it get out of hands.

‘Yes you can quote me, I put a call across to the Central Bank Governor, Godwin Emefiele on Sunday over the issue. The masses are suffering, and there is agitation already, and this need to be address before it get out of hand’, Abiodun stated

Penpushing reports that in similar vein, the  Presidency on Monday disowned the Governor of Central Bank of Nigeria (CBN), Godwin Emefiele and the Attorney-General of the Federation, Justice Abubakar Malami on the disregard of Supreme Court judgement on the old naira

The Nigeria”s  President Muhammadu Buhari in a statement by his media assistant , Garba Shehu, on Monday denied reports that he(Buhari)  instructed  Emefiele, and  Malami, to disobey ‘court orders, and called on the general public to disregard such reports as the president never gave such directives.

“The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties”  the statement declared

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