Less than a few hours after President Muhammadu Buhari denied ordering the Central Bank of Nigeria to obey the Supreme Court order on the Naira designing policy, the apex bank has directed commercial banks to dispense and receive old N200, N500 and N1000 notes as legal tender across the country.
Just as announced by Anambra State governor Charles Soludo earlier today, a statement by the Acting Director, CBN Corporate Communications, Isa AbdulMumin, on Monday evening confirmed that the decision was taken at a Bankers’ Committee meeting held on Sunday.
The statement reads: “In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023,” the statement reads.
“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 December 31, 2023.
“Consequently, all concerned are directed to conform accordingly.”
A statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, last night, stated that President Buhari had never interfered in the activities of the judiciary and had no reason to do that now he had a few months to exit from office.
The statement said: “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.”
The Presidency and CBN U-turn came after eminent Nigerian and association had warned them to obey the court order.
The Nigerian Labour Congress (NLC) had threatened to embark on strike if Buhari-led government and the CBN refused to ease the pains Nigerians face over the Naira scarcity in the country within seven days.
This was stated by the NLC President, Comrade Joe Ajaero, who issued the ultimatum on Monday in Abuja, at the opening session of the Central Working Committee (CWC) meeting of the apex labour union.
He said, “On this issue of fuel scarcity and cash crunch, Congress wish to inform the Federal Government that we will no longer keep quiet.
“NLC is giving the CBN and the FG seven working days, if they fail to do the needful at the expiration of the seven days, all workers in Nigeria should stay at home,”
Similalrly, the Nigerian Bar Association said it was sad and disheartening that the Federal Government and its agency, the CBN remained adamant about the plight of Nigerians which was a direct consequence of the implementation of the naira redesign policy in spite of several interventions for its review.
The body of lawyers noted, “Regrettably, not even the clear findings by the Supreme Court as to the unfair and deceptive nature of the policy could make the Federal Government retrace its steps.
‘’The Supreme Court went to the extent of not only condemning the actions of the President as contemptuous of the court but also held that the actions constitute a threat to the rule of law and the existence of our democracy.”
Governor Babajide Sanwoolu, his Anambra State counterpart Charles Soludo had earlier urged their citizens to continue to spend the old naira notes warning that any banks that refuse to accept the currency as legal tender would be punished.