Naira Redesign: Old Naira Notes Remain Legal Tender as Emefiele bows to Pressure 

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ZAINAB TANIMU
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Naira Redesign: Old Naira Notes Remain Legal Tender as Emefiele bows to Pressure

Zainab Tanimu

Kaduna, Northwest Nigeria

Central Bank of Nigeria Governor, Godwin Emefiele, on Monday officially announced and ordered commercial banks to comply with the the Supreme  court’s verdict.

He said the old N200, N500 and N1,000 notes remain legal tender till the 31st of December.

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This is not unconnected with the pressure mounted that the earlier decision of phasing out the note be reversed as directed by the supreme court considering the hardship it has caused Nigerians.

The decision Emefiele said followed a meeting with Bankers Committee that was held on Sunday.

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The Acting Director, Corporate Communications, Isa AbdulMumin in a statement disclosed the latest development.

Part of the statement titled ‘Old N200, N500, and N1,000 banknotes remain legal tender – CBN’

reads thus:

 “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Major General Muhammadu Buhari (retd.), and by extension, the operations of the Central Bank of Nigeria, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.
“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”
Before now, there have been pressure mounted from various quarters on the CBN governor for a rethink and allow a gradual phase out of the old naira notes.
The Nigerian Bar Association NBA who strongly opposed the non compliance of the Supreme Court’s judgment frowned on the President and the Attorney-General of the Federation, Abubakar Malami ‘s inaction.
The NBA President, Yakubu Maikyau, SAN, on Monday had warned that the bar would resist any action undermining the rule of law, constitution and democracy in the country.
Also, the state governments that
sued the Federal Government on the naira redesign policy, had
threatened to file contempt charges against the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the Central Bank of Nigeria Governor,  Godwin Emefiele, on Tuesday should they fail to obey the apex court which ordered that the old N1,000, N500 and N200 should be in circulation alongside the new notes till December 31, 2023.
In another development, the president of the NLC, Joe Ajaero issued an ultimatum on Monday in Abuja, at the opening session of the Central Working Committee meeting of the labour union for a reverse of the decision or face the consequences.
As the pressure continued to mount, Emefiele of course have no choice but to bow to the wishes of the generality of Nigerians.

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