Commercial banks are required by the Central Bank of Nigeria to accept and disburse old naira notes as legal money everywhere in the nation, Entrepreneurng report.
According to a statement made on Monday by the acting director of CBN Corporate Communications, Isa AbdulMumin, the order was given by the CBN at a Bankers’ Committee meeting that took place on Sunday.
This comes just hours after the president declared Monday night that the CBN has no excuse not to follow the Supreme Court’s decision regarding the naira redesign strategy.
The Attorney-General of the Federation, Abubakar Malami, and CBN Governor Godwin Emefiele were reportedly not given any directives by President Major General Muhammadu Buhari (retired) to defy “any court rulings involving the government and other parties.”
The directive was by the Buhari administration’s adherence to court orders, the apex bank claimed in a statement headed “Old N200, N500, and N1,000 banknotes Stay Legal Tender – CBN”.
According to the statement, “Deposit money banks operating in Nigeria have been directed to comply with the Supreme Court ruling from March 3, 2023. This is in keeping with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammad Buhari, and by extension, the operations of the Central Bank of Nigeria as a regulator.
In light of this, the CBN convened with the Bankers’ Committee and decided that the existing N200, N500, and N1000 banknotes should continue to be accepted alongside the new banknotes through December 31, 2023.
The Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Governor of the Central Bank of Nigeria, Godwin Emefiele, have been given until Tuesday to comply with the Supreme Court’s ruling on the naira redesign policy after the state governments filed a lawsuit against the federal government over the policy.
The state governments threatened to pursue contempt charges against the two senior officials on Tuesday if they disobeyed the supreme court’s directive that the old N1,000, N500, and N200 notes should continue to be in use alongside the new ones until December 31, 2023.
Conclusion
If the President of the nation or any other authority or individual refuses to comply with court decisions, the rule of law that underpins our democratic administration is rendered fictitious. In a constitutional democracy like ours, the President’s disobedience to court rulings is a sign that the constitution has failed and that democratic administration has been replaced by autocracy or dictatorship.
Source: Punch
