The Central Bank of Nigeria (CBN) on Monday instructed commercial banks and other financial institutions in the country to continue to accept and pay out the old N200, N500, and N1,000 notes till December 31, 2023, in line with a recent Supreme Court ruling.
In a statement signed by CBN’s Acting Director, Corporate Communications, Dr. Isa Abdulmumin, the central bank disclosed that it had met with the Bankers’ Committee and directed that the old banknotes remained legal tender alongside the redesigned notes.
But in reaction to public unease over the federal government’s long silence and delayed response to the March 3 Supreme Court ruling on the currency redesign, the presidency yesterday said the CBN did not need a further directive from President Muhammadu Buhari to comply with the apex court’s order. The presidency said this in a statement by presidential spokesperson, Mallam Garba Shehu.
Relatedly, the Nigeria Labour Congress (NLC), yesterday, gave the federal government one-week ultimatum to resolve the present scarcity of both the naira and petrol, which had caused untold hardship to the masses, or face a nationwide workers strike.
In another development, CBN Governor, Mr. Godwin Emefiele, described as fake news a report that he had launched a fresh plot against the president-elect, Bola Tinubu.
The CBN stated, “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the 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.”
Earlier yesterday, Buhari washed his hands of the reported refusal of the federal government to comply with the ruling of the Supreme Court extending the validity of the old banknotes to December 31, 2023. The presidency said the CBN did not require a presidential directive to comply.
The presidency, in a statement issued by presidential spokesperson, Shehu, stated that at no time did Buhari direct the Attorney General of the Federation (AGF) and the CBN not to comply with the apex court’s order on the on-going currency swap.
Shehu said Buhari, in the close to eight years of his administration, had never done anything to delay or obstruct the course of justice, but would rather continue to respect the judicial process and authority of the courts.
The statement said, “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.
“Since the president was sworn into office in 2015, he has 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.
“Following the on-going intense debate about the compliance concerning the legality of the old currency notes, 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. In any case, it is debatable at this time if there is proof of wilful denial by the two of them on the orders of the apex court.
“The directive of the president, following the meeting of the Council of State, is that the bank must make available for circulation all the money that is needed and nothing has happened to change the position.
“It is an established fact that the president is an absolute respecter of judicial process and the authority of the courts. He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.”
Furthermore, the president’s spokesman noted that the negative campaign and personalised attacks against the president by the opposition and all manner of commentators were unfair and unjust, as no court order at any level had been issued or directed at him.
The statement said further, “As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy, as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the president.
“It is, therefore, wide off the mark to blame the president for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the president.”
Buhari also rejected the impression that he lacked compassion, saying, “No government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”
