The Nigerian central financial institution has stated the just lately demonetized ₦200, ₦500 and ₦1,000 banknotes will stay authorized tender till Dec. 31, 2023. The central financial institution assertion, which reaffirms a Supreme Court docket ruling that prolonged the lifespan of the demonetized naira banknotes, adopted a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari.
Central Financial institution’s Silence and the Ensuing Hypothesis
The Central Financial institution of Nigeria lastly issued a statement on March 13 reaffirming a Supreme Court docket ruling which prolonged the lifespan of the just lately demonetized naira notes. Within the assertion, the CBN stated the ₦200, ₦500 and ₦1,000 banknotes would “stay authorized tender alongside the redesigned banknotes until December 31, 2023.”
After the Nigerian Supreme Court docket dominated in opposition to the central financial institution’s choice to demonetize the previous naira banknotes, the CBN initially didn’t challenge a press release directing banks and the general public to simply accept the previous notes. CBN Governor Godwin Emefiele, in addition to the outgoing Nigerian president Muhammadu Buhari’s silence reportedly led to hypothesis that the central financial institution wouldn’t abide by the court docket’s choice.
STATE HOUSE PRESS RELEASE
PRESIDENT BUHARI NEVER TOLD A.G. AND CBN GOV TO DEFY SUPREME COURT ORDER#Thread
— Presidency Nigeria (@NGRPresident) March 13, 2023
Nevertheless, in what was described as a uncommon public rebuke of the CBN, the Nigerian presidency tweeted that Buhari had not instructed “the Lawyer Basic and the CBN Governor to disobey any court docket orders involving the federal government and different events.” It added the CBN “has no purpose to not adjust to court docket orders on the excuse of ready for directives from the President.”
CBN’s ‘Established Custom of Obedience to Court docket Orders’
Moments after Buhari’s reprimand, the CBN claimed in its personal assertion that it has all the time obeyed the selections of the courts and that it’ll equally abide by the Supreme Court docket’s March 3 ruling.
“In compliance with the established custom of obedience to court docket orders and sustenance of the Rule of Legislation Precept that characterised the federal government of President Muhammadu Buhari, and by extension, the operations of the Central Financial institution of Nigeria (CBN), as a regulator, Deposit Cash Banks working in Nigeria have been directed to adjust to the Supreme Court docket judgement of March 3, 2023,” the CBN stated in a press release.
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