The Central Bank of Nigeria (CBN) has directed commercial banks in the country, to dispense and receive old naira notes as legal tender across the country.
The CBN gave the directive at a Bankers’ Committee meeting held on Sunday, according to a statement by the Acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday.
This is coming few hours after the Presidency on Monday evening said that the CBN had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.
It stated that the President, Muhammadu Buhari, did not instruct the CBN governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey “any court orders involving the government and other parties.”
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The over a week after the Supreme Court court handed down the order, the AGF and the CBN have kept mum over the verdict. Their silence has emboldened Nigerians and businesses to reject the old notes as legal tender.
Meanwhile, state governments, which sued the Federal Government on the naira redesign policy, have given the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, (SAN) and the CBN Governor, Godwin Emefiele, till Tuesday to comply with the order of the Supreme Court on the currency.
The state governments threatened to file contempt charges against the two top officials on Tuesday should they fail to obey the apex court which ordered that the old N1,000, N500 and N200 should be in circulation alongside the new notes till December 31, 2023.
The Supreme Court had ordered that the old naira notes be allowed to circulate side by side the new notes until December 31.
A seven-man panel of the Supreme Court led by Justice John Okoro gave the judgment. Other justices that sat on the case are Emmanuel Agim, Amina Augie, Mohammed Garba, Ibrahim Saulawa, Adamu Jauro and Tijanni Abubakar.
In the judgment delivered by Justice Agim, the apex court held that Buhari breached the constitution in the manner he issued directives for the redesigning of the naira.
On the disobedience of the Supreme Court’s earlier order on the new notes, Justice Agim said Buhari’s broadcast of February 16, 2023 that only the N200 note should remain legal tender made the country’s democracy look like a mere pretension.
