CBN say dem don meet wit Bankers’ Committee and don direct dem to conform wit di policy immediately
Di Central Bank of Nigeria (CBN) don tok say old N200, N500, N1,000 banknotes go remain as legal tender till December 31, 2023.
Di Acting Director of Corporate Communications, Isa AbdulMumin of di apex bank, n aim share di statement on Monday and dis dey come days afta di Supreme Court bin rule say make di old naira notes co-exist wit new ones till di end of di year.
“In compliance wit di established tradition of obedience to court orders of di Rule of Law wey characterise di goment of President Muhammadu Buhari and by extension, di operations of di CBN, we dey directed to comply wit di ruling of March 3, 2023”, di statement tok,
CBN say dem don meet wit Bankers’ Committee and don direct dem to conform wit di policy immediately.
Meanwhile, President Muhammadu Buhari bin distance imsef from di silence di apex bank to di Supreme Court ruling earlier on Monday wit claims say im no instruct di CBN to disobey court order.
For one statement signed by Garba Shehu wey be di special assistant to di presidency, e say “No time wey im -Buhari- instruct di Attorney General and di CBN Governor to disobey any court orders wey involve di goment and oda parties.”
“Since dem swear am into office for 2015, im no direct anybody to defy court orders, in di strong belief say we no fit practise democracy without di rule of law, and di commitment of im administration to dis principle neva change.
On di naira notes mata, di statement say "Di president no dey micromanage and will not, or stop di Attorney General and di CBN Governor from performing di details of dia duties in accordance wit di law.
"In any case. E dey debatable at dis time if e get proof of willful denial by di two of dem on di orders of di apex court.
"Di directive of di President, afta di meeting of di Council of State be say di Bank must make available for circulation all di money wey dem need and nothing don happun to change dat."
Dem maintain say di President na absolute respecter of judicial process and di authority of di courts.
“Di CBN no get any reason not to comply wit court orders on di excuse of waiting for directives from di President.” di statement tok.
Wetin make Supreme Court reverse CBN policy on naira notes?
Supreme Court of Nigeria bin reverse di CBN policy on new notes for March 3.
Di apex court deliver di judgement on di case wey challenge di federal goment implementation of di naira swap policy wey some state goments bring before am.
For di lead judgement by Justice Emmanuel Agim, court rule say old 1000, 500 and 200 naira notes go run till 31 December, 2023.
Di court also add say "di cash limits no fit dey justified and di disobedience of court order by di president na sign of failure of our democracy."
Di apex court hold say even though President Buhari get executive power im go against di constitution as im no consult di Federal Executive Council, di National Economic Council before im give di directive.
Justice Emmanuel Agim add say di president for im national broadcast admit say di implementation of di policy dey cause hardship to Nigerians.
E add say president no give notice of di naira redesign through formal means like National Broadcast but 'mere' press release from CBN wey no be formal way goment suppose take inform citizens of a new policy.
Na Kaduna, Zamfara and Kogi state goments bin first approach di apex court to sama suit against di federal goment to overturn di Central Bank of Nigeria deadline for di withdrawal of di old N1,000, N500 and N200 naira notes from circulation.
For di hearing, six oda states wey include Lagos, Ekiti, Osun, Katsina, Ondo and Cross Rivers join di plaintiff, while Bayelsa and Edo states join in support of di goment and CBN as respondents.
Why CBN roll out new naira notes
Di Central Bank of Nigeria Oga Godwin Emefiele bin tok say di CBN bin dey face problem wit di management of di current series of banknotes wey dey circulation, especially di ones wey dey outside di banking system for Nigeria.
Emefiele say one of di challenges na say members of di public dey hoard banknotes. E follow tok say statistics show say ova 80 percent of currency wey dey for circulation dey outside di vaults of commercial banks.
Anoda challenge na say dirty and unfit banknotes dey for circulation and dis one dey give CBN bad image and e dey increase risk of financial instability.
CBN also tok say di currency wey dey for circulation dey increase risk of fake notes
"For recent years, di CBN don record significantly higher rates of counterfeit especially for di higher denomination of N500 and N1,000 banknotes," Emefiele tok.
E say according to global best practice, central banks suppose dey redesign, produce and circulate new currency every 5–8 years, but CBN neva redesign di naira for di past 20 years.
