Presidency to make decision on old naira deadline after Supreme Court ruling today

President Muhammadu Buhari and the CBN will decide on obeying the Supreme Court today, says the Presidency.

“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 (today),” Buhari’s media aide, Garba Shehu said in a statement on Tuesday.

The Presidency claimed it, and the CBN had not refused to recognise the old N200, N500 and N1,000 banknotes as legal tender despite a Supreme Court ruling, a claim contradicted by the apex bank’s official in Bauchi.

Despite the Supreme Court ruling, financial institutions, filling stations, supermarkets, and other business owners have continued to reject the old naira notes. Several banks were reported to have based their decision to reject the old banknotes on a circular emanating from the CBN.

The CBN governor, Godwin Emefiele, was reported to have stated that the old notes were no longer legal tender from February 10 at a meeting with diplomats in Abuja on Tuesday.

The Zamfara, Kaduna, and Kogi governments had approached the Supreme Court to challenge CBN’s February 10 deadline for old naira notes to cease as legal tender.

The Supreme Court, in its February 8 ruling, directed all parties to maintain the status quo and quashed the February 10 deadline until the determination of the case on February 15.


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