ABUJA- The Central Bank of Nigeria, CBN, last night directed all banks to obey the Supreme Court order on the old N200, N500 and N1000 notes.
The apex bank in a statement by the Ag Director of Communications, Isa AbdulMumin, said: ”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
”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.
The CBN`s directive came shortly after the Presidency yesterday said President Muhammadu Buhari did not instruct or direct the Attorney General of the Federation, AGF, and Minister of Justice, Abubakar Malami, SAN, and governor of the Central Bank of Nigeria, CBN, Godwin Emefiele to disobey the Supreme Court order on the naira swap deadline.
It also said the CBN had no reason not to comply with court orders on the excuse of waiting for directives from the President.
In a statement last night by the President's Senior Special Advisor for Media and Public Affairs Malam Garba Shev, President Buhari said he had not interfered in the work of the judiciary and with months before leaving office, the reasons for doing so were:
The statement read: Did he direct the Attorney General and his CBN President not to follow court orders involving the government or other parties?
“Since taking office in 2015, the President has firmly believed that democracy cannot be practiced without the rule of law, has directed no one to defy court orders, and has not ruled the administration against its principles.
“Therefore, following the ongoing heated debate over compliance with the legality of the old banknotes, the Office of the President has made clear that President Buhari is seeking to disrupt or obstruct the administration of justice.”
"The President is not a micro-manager and does not prevent the Attorney General and CBN President from carrying out the details of their duties in accordance with the law." . in any case. It is now being questioned whether there is any evidence that the two men willfully denied the Supreme Court's order.
"President's post-session judicial process.
"He has spent the past eight years obstructing the administration of justice, undermining confidence in the administration of justice,
"The opposition party and all Negative campaigns and personal attacks against the President by critics of any kind are unfair, and no court order has been issued or directed against the President at any level.
“As for the cashless system that the CBN is eager to introduce, a surprisingly large proportion of the people who bear the brunt of the damage are supportive of the policy, believing it will lead to a reduction in corruption.
Thus, despite the Supreme Court's ruling, the current cash shortage controversy has been resolved. It is wrong to blame the president. CBN has no reason not to comply with the Court's order on the pretext that it is waiting for an order from the President.
“President Buhari also dismissed the impression that he lacked compassion, stating: