The Central Bank of Nigeria (CBN)
on Monday said old N200, N500, N1,000 bank notes remain legal tender Till
December 31, 2023.
The apex bank’s Acting Director
of Corporate Communications, Isa AbdulMumin stated this in a statement on
Monday.
“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.
“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 highest court of the land had
on March 3 ordered that old N200, N500 and N1000 notes remain valid till
December 31, 2023. This was after 16 states of the Federation instituted a suit
to challenge the legality or otherwise of the introduction of the policy.
The 16 states led by Kaduna, Kogi
and Zamfara had prayed the apex court to void and set aside the policy on the
ground that it is inflicting hardships on innocent Nigerians.
The court subsequently ruled that
the President’s disobedience of its February 8 order is a sign of dictatorship,
adding that Buhari breached the Constitution of the Federation in the way he
issued directives for the re-designing of the Naira by the CBN.
After the March 3 judgement by
the Supreme Court, the Presidency, CBN and the AGF kept mum, throwing many bank
customers and Nigerians into confusion as the ruling of the apex court contradicted
the directive of the President on February 16 that old N500 and N1000 notes are
banned and old N200 notes remain valid till April 10.
However, the Presidency broke its
silence on Monday, saying the President never told the CBN and the AGF not to
obey the order of the apex court.
Back Story
The CBN had extended the deadline
for the swap of old N200, N500, and N1,000 from January 31 to February 10
following complaints by many Nigerians but the Supreme Court, after a suit
filed by the states, held that the Federal Government, the CBN, commercial
banks must not continue with the February 10 deadline pending the determination
of a notice in respect of the issue.
However, the President, in a
national broadcast on February 16, directed the apex bank to release old N200
notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for
60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease
to be legal tender in Nigeria.
There has been a flurry of
reactions and stark criticisms against the President’s directive including from
governors of his party, the All Progressives Congress (APC).
Governors Nasir El-Rufai
(Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje
(Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of
State for Labour and Employment, Festus Keyamo; and many stalwarts of the
ruling APC have openly censured and faulted the President’s directive, arguing
that it has no grounds because the case is before the apex court.
Leading Senior Advocates of
Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s
move, saying he cannot overrule the apex court of the land.
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Unstable Organization; when the leaders are children
ReplyDeleteThunder fire you emefiewere!
ReplyDeleteYou jump the fence to deposite old notes in bank.
ReplyDeleteYou faint on queue to withdraw the same back...
May such a government never happen to Nigeria again...
Would you bring back the lives of those who had died due to the hardship caused by the reckless policy?