The presidency says its position on the deadline for old
naira notes will be made known today.
The governments of Zamfara, Kaduna, and Kogi had asked the
supreme court to stop the Central Bank of Nigeria (CBN) from ending the
timeframe within which the old N200, N500, and N1000 notes would cease to be
legal tender.
In its ruling, the court restrained the federal government
from implementing the February 10 deadline for the validity of the old naira
notes pending the hearing of the matter on February 15.
Abubakar Malami, attorney-general of the federation, had
also said the federal government would obey the supreme court order.
But despite the court’s order, Godwin Emefiele, governor of
CBN, insisted on the deadline.
“The situation is substantially calming down since the
commencement of over-the-counter payments to complement ATM disbursements and
the use of super-agents,” Emefiele had said.
Financial institutions including banks, filling stations,
supermarkets, and other business owners have also continued to reject the old
naira notes.
But Garba Shehu, presidential spokesman, in a statement on
Tuesday, said it was untrue that the government took a preemptive action on the
legality of the old naira notes.
“We wish to state that it is not true that the Federal
Government or the Central Bank of Nigeria, CBN have taken a preemptive action
on the legality of currency as a legal tender in view of the pendency of the
case before the Supreme Court,” Shehu said.
“The position of the government and the CBN will be made
known upon the determination of the suit coming up tomorrow.”
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