Trending

CBN mandates banks to accept old N200, N500, and N1000 banknotes in circulation


Last night, the Central Bank of Nigeria (CBN) instructed all banks to comply with the Supreme Court’s order regarding the old N200, N500, and N1000 notes.

Isa AbdulMumin, the Ag Director of Communications, issued the following statement on behalf of the apex bank: Deposit Money Banks in Nigeria have been instructed to comply with the March 3, 2023, ruling of the Supreme Court in accordance with the established custom of obeying court orders and upholding the Rule of Law that characterized President Muhammadu Buhari’s government and, by extension, the activities of the Central Bank of Nigeria, or CBN, as a regulator.

“As a result, the CBN met with the Bankers’ Committee and ordered that the old N200, N500, and N1000 banknotes, as well as the new ones, remain legal tender until December 31, 2023. Therefore, all concerned are coordinated to as needs be adjust.

Yesterday, the Presidency stated that President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, AGF, Minister of Justice, Abubakar Malami, SAN, and governor of the Central Bank of Nigeria, CBN, Godwin Emefiele, to disobey the Supreme Court order regarding the naira swap deadline. The CBN’s directive came shortly after the Presidency stated this.

It also stated that the CBN had no excuse for not complying with court orders other than waiting for President’s orders.

According to a statement that was released last night by Mallam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, President Buhari had never interfered with the activities of the judiciary and had no reason to do so now that he had a few months to leave office.

It said in the statement:  “The Presidency wishes to respond to some public concerns that President Muhammadu Buhari did not respond to the Supreme Court’s decision regarding the N500 and N1,000 old currency notes. The Presidency states here plainly and clearly that at no time did he instruct the Attorney General and the governor of the Central Bank of Nigeria to disobey any court orders involving the government and other parties,” the statement reads.

“In the strong belief that we cannot practice democracy without the rule of law, and the commitment of his administration to this principle has not changed, the President has never directed anyone to defy court orders since he was sworn in in 2015.

“Following the continuous extreme discussion about the consistence concerning the lawfulness of the old cash takes note of, the Administration hence wishes to state plainly that President Buhari has not done anything purposely and intentionally to impede or deter the organization of equity.

“The President is not a micromanager, and as a result, he will not prevent the Attorney General and CBN Governor from carrying out the specifics of their responsibilities in accordance with the law,” the statement reads. In any event, At this point, it is debatable whether the two of them willfully denied the orders of the supreme court.

Following the Council of State’s meeting, the President issued a directive. is that the Bank needs to put all the money that is needed into circulation, and nothing has changed this.
“It is a well-established fact that the President holds the judicial process and the authority of the courts in the highest regard.

“There is absolutely no reason for him to do so now that he is getting ready to leave office. 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.

“As no court order has been issued or directed at him, the negative campaign and individualized attacks against the President by the opposition and various commentators are unfair and unjust.

“With regard to the cashless system that the CBN is determined to implement, it is a well-known fact that a surprising number of the country’s citizens, who bear the brunt of the suffering, support the policy because they believe that the action would reduce corruption, combat terrorism, create an atmosphere of honesty, and reinforce the President’s unbreakable leadership.

Despite the Supreme Court’s decision, it is therefore incorrect to attribute the current cash shortage controversy to the President. The CBN cannot justify its refusal to comply with court orders by claiming that it is waiting for instructions from the President.

“President Buhari has also refuted the notion that he lacks compassion, stating that “no government in our recent history has introduced policies to help economically marginalized and vulnerable groups like the present administration,” “President Buhari has also rejected the impression that he lacks compassion.”
2 years ago
Adeyinka Arutu

Related Post

Recent Posts

Bobrisky’s Alleged Prison Scandal Sparks Major Controversy

Nigerian crossdresser, Okuneye Idris Olanrewaju, popularly known as Bobrisky, has become embroiled in a scandal following revelations about his brief…

2 days ago

Soludo Declares Free Education for All Public School Students in Anambra

Governor Chukwuma Soludo of Anambra State has introduced free education for all students in public primary and secondary schools across…

2 days ago

Federal Government to Revamp Six National Museums in Cultural Initiative

The Federal Government has unveiled plans to rejuvenate six national museums as part of efforts to safeguard Nigeria’s cultural heritage.…

2 days ago

EFCC Files New N110bn Fraud Charges Against Ex-Governor Yahaya Bello Amid Ongoing Money Laundering Case

The Economic and Financial Crimes Commission (EFCC) has filed fresh charges against former Kogi State Governor, Yahaya Bello, accusing him…

3 days ago

Nigeria’s Forex Market Surges to N15.74tn as Naira Faces Continued Depreciation

The value of foreign exchange turnover in Nigeria's Autonomous Foreign Exchange Market surged to N15.74tn ($9.90bn) in August 2024, according…

4 days ago

ASUU Issues 14-Day Ultimatum to Tinubu Government Over Unfulfilled Agreements

The Academic Staff Union of Universities (ASUU) has issued a 14-day ultimatum to the Nigerian government under President Bola Tinubu,…

4 days ago