Emefiele finally gives in to pressure, says old naira note is legal tender

Exactly 10 days after the Supreme Court ruling authorizing the use of old N, 1000 and N500 notes as legal tender until December 31, 2023, the Governor of the Central Bank of Nigeria, Godwin Emefiele bowed to pressure on Monday and formally ordered commercial banks to comply with the court's verdict.

He also announced that the old N200, N500 and N1,000 would be legal tender until the end of the year.

Emefiele said the decision followed a meeting with the bankers' committee held on Sunday.

The development has ended the confusion over the legality of old naira notes. The action is also expected to alleviate the suffering of Nigerians who have faced severe hardship due to the scarcity of new naira notes amid the controversial ban on old notes.

Acting Director of Corporate Communications Isa AbdulMumin revealed the latest development in a statement titled "Old N200, N500 and N1,000 banknotes are legal tender - CBN"

The statement reads: "In accordance with the established tradition of obeying court orders and upholding the principle of the rule of law which has characterized the government of Divisional President General Muhammadu Buhari (retd.), and by extension the operations of the Central Bank of Nigeria, as a regulator, depository banks operating in Nigeria have been urged to comply with the Supreme Court's March 3 ruling 2023.

"As a result, the CBN met with the Bankers' Committee and ordered that the old N200, N500 and N1,000 banknotes be legal tender alongside the redesigned banknotes until December 31, 2023. Therefore, all concerned are requested to comply accordingly."

Earlier on Monday, the Nigerian Bar Association and the Nigeria Labor Congress reprimanded the Federal Government and the CBN for not obeying the Supreme Court's ruling on the old naira notes .

On Sunday, the Arewa Consultative Forum said in a statement that Buhari's refusal to obey the Supreme Court would tarnish the reputation of his regime.

The NBA has harshly criticized the president and the attorney general of the Federation, Abubakar Malami, for not having obeyed the judgment of the Supreme Court.

In its judgment of March 3, the Supreme Court extended the legal tender status of the old N200, N500 and N1000 banknotes until December 31.

However, the AGF and CBN Governor Godwin Emefiele refused to comply with the order despite pressure from the Nigerians. Their actions also encouraged commercial banks to reject the old banknotes as legal tender.

Worried about developments, state governments involved in the lawsuit threatened to file contempt charges against the two officials on Tuesday (today) if they did not comply not to the order of the supreme court.

In the judgment delivered by Justice Emmanuel Agim, the Supreme Court ruled that Buhari breached the constitution in the way he issued guidelines for naira banknotes.

The seven-man panel also slammed the president for his February 16 broadcast in which he said only the N200 note should be legal tender, in clear violation of the prohibition order issued by the Supreme Court.

Judge Agim said: “The rule of law on which our democratic governance is based becomes illusory if the president of the country or any authority or person refuses to obey the orders of the courts. Disobedience to court orders by the President in a constitutional democracy like ours is a sign of the failure of the constitution and that democratic governance has become a mere pretense and is now being replaced by autocracy or dictatorship. »

The NBA Commitment

Speaking of the Supreme Court's continued disobedience, NBA President Yakubu Maikyau, SAN, warned Monday that the bar will resist any action that undermines the rule of law, the constitution and democracy in the country.

The seven-page statement was titled "Statement by NBA President Yakubu Maikyau, SAN on Naira Recast Policy: Request for Compliance with Supreme Court Ruling in Lawsuit No: SC/CV/162/2023 Between the Attorney General of Kaduna State and nine others v The Attorney General of the Federation and two others delivered on March 3, 2023.

Quoting several paragraphs from the Supreme Court verdict that reprimanded the president for ignoring orders, the NBA said it was sad and disheartening that the federal government and its agency, the CBN, remain adamant on the fate of Nigerians. which was a direct consequence of the implementation of the naira redesign policy despite several interventions for its revision.

The legal body noted: "Unfortunately, even the Supreme Court's clear findings as to the unjust and misleading nature of the policy...