Naira Redesign: Finally, CBN obeys Supreme Court's ruling, says old banknotes remain legal tender

*As Buhari disowns Emefiele, Malami over delay in compliance

Finally, the Central Bank of Nigeria (CBN) has finally complied with the Supreme Court judgement that the nation’s old N200, N500 and N1, 000 banknotes remain legal tender in the country.

This is even as President Muhammadu Buhari has denied reports that he instructed Central Bank Governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disobey the court orders.

However, the Apex bank, yesterday evening, in a statement signed by the Ag. Director, Corporate Communications, Dr Isa AbdulMumin , said that 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 apex stated.

Meanwhile, President Muhammadu Buhari in an earlier statement by his media assistant, Garba Shehu, has called on the general public to disregard reports that he instructed Emefiele, and Malami to disobey the Supreme Court orders.

“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 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 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 the 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 a 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.”

“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.”

“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.”

“President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”