The Central Bank of Nigeria (CBN) as orders banks to accept old N200, N500, N1,000 Naira notes

The Central Bank of Nigeria (CBN) as orders banks to accept old N200, N500, N1,000 Naira notes

The Central Bank of Nigeria, CBN, last night directed all banks to comply with the Supreme Court order on the old N200, N500 and N1000 notes.

The apex financial institution in a verbal expression by the Ag Director of Communications, Isa AbdulMumin, verbalized: “In compliance with the set up way of life of duteousness to court orders and sustenance of the Rule of Law Principle that characterized the regime of President Muhammadu Buhari, and by means of extension, the operations of the Central Bank of Nigeria, CBN, as a regulator, Deposit Mazuma Banks working 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 historical N200, N500 and N1000 banknotes stay licit soft alongside the redesigned banknotes till December 31, 2023. Consequently, all worried are directed to conform accordingly.

The CBN’s directive came shortly after the Presidency the previous day verbally expressed President Muhammadu Buhari did not injuctively authorize or direct the Attorney General of the Federation, AGF, and Minister of Equity, 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 withal verbally expressed the CBN had no cause no longer to comply with courtroom orders on the exculpation of ready for directives from the President.
A verbal expression issued via the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, remaining night, verbalized that President Buhari had never interfered in the activities of the judiciary and had no motive to do that now he had a few months to exit from office.

The verbalization verbally expressed: “The Presidency needs to react to some public concerns that President Muhammadu Buhari did no longer react to the Supreme Court judgement on the trouble of the N500 and N1,000 old currency notes, and states right here plainly and limpidly that at no time did he authoritatively mandate the Attorney General and the CBN governor to disobey any court docket orders involving the regime and other parties.

“Since the President was sworn into office in 2015, he has never directed every body to defy court docket orders, in the lively credence that we can’t practise democracy except the rule of regulation and the commitment of his administration to this precept has no longer transmuted.
“Following the perpetual profound debate about the compliance concerning the licitness of the historical currency notes, the Presidency ergo needs to kingdom pellucidly that President Buhari has not achieved anything knowingly and deliberately to intrude with or hinder the administration of equity.

“The President is now not a micromanager and will not, ergo, quit the Attorney General and the CBN Governor from performing the small print 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 assembly of the Council of State. is that the Bank have to make accessible for circulation all the mazuma that is needed and nothing has transpired to transmute the position.

“It is an established fact that the President is an absolute respecter of judicial manner and the ascendancy of the courts.
“He has completed nothing in the final eight or so years to act in any way to obstruct the administration of equity, cause diffidence in the administration of equity, or otherwise intervene or corrupt the courts and there is no reason in any respect that he ought to do so now when he is getting yare to go away office.

“The poor campaign and personalised attacks in opposition to the President through the opposition and all manner of commentators is inequitable and inequitable, as no courtroom order at any caliber has been issued or directed at him.
“As for the cashless system the CBN is tenacious to insert place, it is a kenned reality that many of the country’s denizens who undergo the brunt of the sufferings, particularly aid the coverage as they accept as true with that the motion would reduce corruption, fight terrorism, build an environment of veracity and support the incorruptible leadership of the President.

“It is, consequently, large off the mark to incriminate the President for the contemporary controversy over the mazuma scarcity, regardless of the Supreme Court judgement. The CBN has no cause not to comply with court orders on the exculpation of ready for directives from the President.
“President Buhari has withal abnegated the affect that he lacks commiseration, verbally expressing that “no regime in our recent records has added policies to avail economically marginalised and vulnerably inclined businesses like the present administration.”

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