Old Naira Notes: CBN Has No Reason Not To Obey Supreme Court - Presidency

The Presidency on Monday said the Central Bank of Nigeria (CBN) has no reason not to comply with the Supreme Court order on naira redesign on the excuse of waiting for directives from President Muhammadu Buhari.

Senior Special Assistant to the President on Media and Publicity, Garba Shehu, in a statement, said the President never told the Attorney General of the Federation (AGF), Abubakar Malami; and the CBN Governor, Godwin Emefiele to disobey any court orders involving the government and other parties.

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.

“Following the ongoing 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 willful denial by the two of them on the orders of the apex court,” the Presidency stated.