Buhari, CBN will speak after Supreme Court hearing on Naira notes says the Presidency

Buhari, CBN will speak after Supreme Court hearing on Naira notes says the Presidency

The Presidency has said President Muhammadu Buhari will speak on the controversies over the withdrawal of old naira notes after the hearing of the suit filed by some governors stopping the Central Bank of Nigeria, CBN from enforcing the February 10 deadline set for stoppage of use of the currency notes.

Spokesperson to the President, Malam Garba Shehu, said this in a statement on Tuesday night while dismissing claim that the Federal Government or the Central Bank of Nigeria (CBN) had defied the Supreme Court ruling on the issue.

The Supreme Court had on Feb. 8, directed all parties to maintain the status quo while quashing the Feb.10, 2023 deadline set by the CBN for recognition of the old N200, N500 and N1,000 notes as legal tender.

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The Supreme Court delivered the ruling in a case filed by Zamfara, Kaduna and Kogi seeking for reliefs on behalf of their citizens to challenge the Feb. 10, CBN deadline for old naira notes to cease to be legal tender.

The Governors filed the suit following the scarcity of the redesigned notes issued to replace the old notes by the CBN.

The apex court will resume the hearing of the suit today, February 15, 2023.

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Despite the Supreme Court order, the Governor of the CBN, Godwin Emefiele, said at a meeting with diplomats in Abuja on Tuesday as saying that the old notes were no longer legal tender from Feb. 10, 2023.

Based on his assertion, financial institutions including banks as well as filing stations, supermarkets and other business owners have continued to reject the old Naira notes despite the Supreme Court ruling.

Some banks were also rejecting the old notes on a circulation based on decision emanating from the CBN.

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But the presidency said in the statement issued on Tuesday evening that the CBN did not have its backing for his insistence on violation of the Supreme Court order.

”We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.

”The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow.”


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