. As Presidency says no reason to disobey S’Court ruling
The Central Bank of Nigeria (CBN), has deposit money banks (DMBs) operating in the country to comply with the Supreme Court judgement of March 3, on the redesigned naira notes.
As such, the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, the apex bank said yesterday in a statement signed by the Acting Director, Corporate Communications, Isa AbdulMumin.
AbdulMumin explained that this is “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterize the government of President Muhammadu Buhari, and by extension, the operations of the CBN.”
He added that the directive follows a meeting between the CBN and the Bankers’ Committee and “consequently, all concerned are directed to conform accordingly.”
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.
Obey the court
The CBN directive came hours after the President denied that it directed the Attorney-General of the Federation (AGF), Abubakar Malami, and CBN Governor, Godwin Emefiele, not to obey the court ruling on the naira redesign policy.
In a statement on Monday evening, the Presidency said: “The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.”
The Supreme Court in its March 3 ruling faulted the entire policy of the CBN, saying the timing and implementation were defective, and directed that the old banknotes should be recirculated alongside the new ones.
However, the old naira notes were being rejected across all channels in many parts of the country, with the general public urging the Presidency to ensure compliance with the apex court ruling.
The statement reads: “The Presidency wishes to react to some public concerns that President Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and state 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.”
It added that “Following ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that Pres. 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 AG and CBN Gov. from performing details of their duties in accordance with the law. In any case, it is debatable at this time if there is proof of wilful denial by the two of them, of 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 therefore insisted that blaming the President is “wide off the mark”.
