Fakoyejo OlalekanThe Presidency has contradicted the Godwin Emefiele-led Central Bank of Nigeria (CBN) regarding the ruling of the Supreme Court on the old Naira notes deadline.
It was stated that neither the Federal Government nor the central bank have taken a position contrary to the ruling of the Supreme Court.
Recall that the Supreme Court had restrained the Federal Government from imposing the 10 February 2023 deadline to phase out the old Naira notes until the court makes its final judgement on Wednesday, 15 February 2023 in the case filed by Kaduna, Kogi and Zamfara State governments against FG.
Addressing reports that the deadline has taken effect with the backing of FG and the CBN, the Presidency said: “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,” Punch quoted the Presidency in a report on Wednesday.
Presidency’s statement contradicts CBN’s declaration
On Tuesday, reports circulated that banks have stopped accepting the old N200, N500 and N1,000 notes since Friday, 10 February 2023.
Prime Business Africa spoke to several bank employees who confirmed that they are still working with the central bank deadline.
An employee of First City Monument Bank (FCMB) said her company has stopped accepting the old Naira notes.
Another staff at Zenith Bank confirmed it, stating “We haven’t been adviced,” when asked if there was an update informing them to obey the Supreme Court ruling.
“We don’t have any contrary directives,” the banker stated said about the 10 February 2023 deadline.
Meanwhile, CBN Branch Controller in Bauchi, Haladu Andaza, had also confirmed that the deadline has been effected by banks, against the Supreme Court ruling.
Andaza said Nigerians can’t deposit “at the Commercial Banks anymore because the currency has ceased to be a legal tender since the 10th of this month.”
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