Presidency dismisses reports on disobeying Supreme Court ruling on legality of currencies
The Presidency has dismissed as false the assertion that the Federal Government or the Central Bank of Nigeria (CBN) had refused to recognise old N200, N500 and N1,000 notes as legal tender despite Supreme Court ruling.
Zamfara, Kaduna and Kogi had approached the Supreme Court of Nigeria for reliefs on behalf of their citizens to challenge the Feb. 10, CBN deadline for old naira notes to cease to be legal tender.
The Supreme Court in it’s ruling on Feb. 8, directed all parties to maintain the status quo abd quashed the Feb.10, 2023 deadline till the determination of the case which was adjourned to Feb. 15, 2023.
However, financial institutions including banks as well as filing stations, supermarkets and other business owners have continued to reject the old Naira notes despite the Supreme Court ruling.
Some banks were reported to have based their decision of rejecting the old notes on a circulation emanating from the CBN.
The Governor of the CBN was also quoted at a meeting with diplomats in Abuja on Tuesday as saying that the old notes were no longer legal tender from Feb. 10, 2023.
Malam Garba Shehu, the President’s spokesman, late Tuesday night in a statement, however, 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.”
Copyright 2023 ROYAL NEWS. All rights reserved. Digital material on this website, may not be published, reproduced, broadcast, rewritten or redistributed in whole or in part without prior express written permission from ROYAL NEWS.
Download ROYAL NEWS app
- CBN releases cash, orders banks to operate on weekends
- Supreme Court opens up on CJN trip, meeting Tinubu
- Buhari never said he wouldn’t hand over to Tinubu– Presidency
- Okowa congratulates Adeleke on Appeal Court victory
- Ekweremadu, wife to be sentenced on May 5
- CBN confirms evacuation of banknotes, directs banks to open for weekend operations
- CBN begins monitoring of old notes circulation:
- Ademola Adeleke is the duly elected governor of Osun— Appeal Court
- BREAKING…Appeal court reinstates Adeleke as Osun governor
- Kwara Gov sympathises with residents over rainstorm, flooding incidents