The Central Bank of Nigeria, CBN on Monday evening finally bow to the Supreme Court ruling declaring the old N200, N500 and N1000 banknotes as legal tender alongside the redesigned banknotes till Dec. 31, 2023.
The apex bank, in a statement issued by its Acting Director, Corporate Communications, lsa AbdulMumin said the decision to comply with the Supreme Court judgment was reached at a meeting of the Bankers Committee.
“In compliance with established tradition of obedience to court orders the CBN as a regulator and Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3.
“Accordingly, the CBN met with the Bankers Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till Dec. 31, 2023.
“Consequently, all concerned are directed to conform accordingly,’’ the CBN stated.
The CBN formal confirmation of its readiness to comply with the Supreme Court order was announced few hours after the presidency dismissed insinuations that President Muhammadu Buhari encouraged the CBN to disregard the Supreme Court judgment on the legal status of the N500 and N1,000 old currency notes.
The president’s media aide, Malam Garba Shehu, stated in Abuja that the president had never instructed any government official to defy any court orders involving the government and other parties.
He also frowned at the misinterpretation of the president’s silence over the Supreme Court judgment of March 3 on the issue of the N500 and N1,000 old currency notes.
“The Presidency wishes to react to some public concerns that President Buhari did not react to the Supreme Court judgment.
“It states clearly that at no time did the president instruct the Attorney-General of the Federation and the CBN governor to disobey any court order.
“Since the president was sworn into office in 2015, he has never directed anybody to defy court orders in the strong belief that we cannot practise democracy without the rule of law.
“The commitment of his administration to this principle has not changed,’’ he stated.
According to Shehu, the president is not a micromanager and will not, therefore, stop the Attorney-General and the CBN governor from performing the details of their duties in accordance with the law.
“In any case, it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.
“The directive of the president, following the meeting of the Council of State is that the CBN must make available for circulation all the money that is needed, and nothing has happened to change the position,’’ he added.
According to him, the president is an absolute respecter of judicial process and the authority of the courts.
He stressed that the president had done nothing in the last eight years to obstruct the administration of justice; cause lack of confidence in the administration of justice or interfere or corrupt the courts.
“There is no reason whatsoever that he should do so now when he is getting ready to leave office.
“The negative campaign and personalised attacks against the president by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him,’’ Shehu stressed.
He also quoted President Buhari as rejecting the impression that he lacks compassion.
“No government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration,’’ he added.
Below is the Presidency’s statement earlier
PRESIDENT BUHARI NEVER TOLD AG AND CBN GOV TO DEFY SUPREME COURT ORDER
The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states 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.
Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can’t practise democracy without the rule of law and the commitment of his administration to this principle has not changed.
Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President 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 Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case. it is debatable at this time if there is proof of willful denial by the two of them on 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 is an established fact that the President is an absolute respecter of judicial process and the authority of the courts. He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.
The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.
As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.
It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.
President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”
Garba Shehu
Senior Special Assistant to the President
(Media & Publicity)
March 13, 2023