JUST IN: CBN Says Old Naira Notes Remain Legal Tender
- As Buhari Disowns Emefiele, Malami on Attitude to S’Court Order
The Central Bank of Nigeria (CBN) has said 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 which was also made public via the bank’s official Twitter handle.
“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.”
The statement however came after President Buhari had earlier on Monday evening distanced self from CBN and its governor, Mr Godwin Emefiele and the Attorney-General of the Federation, Abubakar Malami for disobeying the March 3 order by the Supreme Court.
Although, the apex bank did not make direct proclamation against the order of the apex court, its failure to acknowledge it and calculated silence over it have been understood by Nigerians as disobedient to the court ruling.
The Presidency said 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 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.”
These are contained in a press statement released Monday evening by the President’s Senior Special Adviser on Media and Publicity, Garba Shehu.
The statement is a reaction to public concerns that Buhari has not reacted to the Supreme Court ruling of March 3 which ordered that the old N200, N500 and N1,000 notes should continue to circulate alongside their redesigned counterparts as legal tender until December 31, 2023.
“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 said.
Shehu stated that the President had never “directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.”
The statement, absolving Buhari of any wrongdoing with regard to compliance with the apex court order on the legality of the old naira notes, said, “the Presidency, therefore, wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.
“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law.”