CBN Orders Banks to Accept Old Banknotes.
Last night, the Central Bank of Nigeria, CBN, instructed all banks to comply with the Supreme Court’s directive regarding the old N200, N500, and N1000 notes.
“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, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” said the apex bank in a statement by the Ag Director of Communications, Isa AbdulMumin.
“Accordingly, the Central Bank of Nigeria (CBN) met with the Bankers’ Committee and directed that the old N200, N500, and N1000 banknotes remain legal tender alongside the redesigned banknotes until December 31, 2023. Therefore, all parties are instructed to conform accordingly.
The directive was issued shortly after the Presidency yesterday stated that President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami, SAN, and the governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, to disobey the Supreme Court order on the naira swap deadline.
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It also stated that the CBN had no reason to delay complying with court orders while awaiting directives from the president.
Mallam Garba Shehu, the Senior Special Assistant to the President for Media and Publicity, issued a statement last night stating that President Buhari had never interfered with the activities of the judiciary and had no reason to do so with only a few months remaining in his term.
The statement stated, “The Presidency wishes to respond to some public concerns that President Muhammadu Buhari did not respond to the Supreme Court’s ruling on the issue of the N500 and N1,000 old currency notes, and states unequivocally that at no point did he instruct the Attorney General and the CBN governor to disobey any court orders involving the government or other parties.
“Since he was sworn in as president in 2015, the president has never ordered anyone to disobey court orders, in the firm belief that we cannot practice democracy without the rule of law, and his administration’s commitment to this principle has not changed.
“In light of the ongoing heated debate over the legality of the old currency notes, the Presidency wishes to state unequivocally that President Buhari has not interfered with or obstructed the administration of justice on purpose.
“The President is not a micromanager and will therefore not prevent the Attorney General and the CBN Governor from carrying out the specifics of their legal responsibilities. In any case, it is currently debatable whether there is evidence of willful denial by the two parties in response to orders from the supreme court.
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“The President’s directive, following the meeting of the Council of State, is that the Bank must make all necessary funds available for circulation, and nothing has occurred to alter this position.
“It is a well-established fact that the President respects the judicial process and the authority of the courts without exception.
He has not obstructed the administration of justice, undermined public confidence in the administration of justice, or otherwise interfered with or corrupted the courts in the last eight or so years, and there is no reason for him to do so now that he is leaving office.
“The negative campaign and personal attacks against the President by the opposition and various commentators are unfair and unjust because no court order has been issued or directed at him on any level.
“As for the cashless system that the CBN is determined to implement, it is a well-known fact that many of the country’s citizens who bear the brunt of the suffering support the policy because they believe it will reduce corruption, combat terrorism, create an environment of honesty, and strengthen the President’s incorruptible leadership.
“Despite the Supreme Court’s ruling, it is erroneous to blame the President for the current controversy over the cash shortage. The CBN has no justification to delay complying with court orders while awaiting directives from the President.
“President Buhari has also refuted the notion that he lacks compassion, stating that “no government in recent history has implemented policies to assist economically marginalized and vulnerable groups like the current administration.”
