The allegation that the Federal Government or the Central Bank of Nigeria (CBN) had refused to recognize the old N200, N500, and N1,000 naira notes as lawful currency in spite of the Supreme Court judgment has been rejected by the Presidency as untrue.
On behalf of their populations, Zamfara, Kaduna, and Kogi had petitioned the Supreme Court of Nigeria for justice, challenging the CBN deadline of February 10 for the discontinuation of old naira notes as legal currency.
In its decision on February 8, the Supreme Court ordered all parties to maintain the status quo and revoked the February 10, 2023 deadline until the case’s resolution, which was deferred to February 15, 2023.
However, financial institutions including banks as well as filling stations, supermarkets, and other business owners have continued to reject the old Naira notes despite the Supreme Court ruling.
Some banks were reported to have based their decision of rejecting the old notes on a circulation emanating from the CBN.
The Governor of the CBN was also quoted at a meeting with diplomats in Abuja on Tuesday as saying that the old notes were no longer legal tender from Feb. 10, 2023.
Mr. Garba Shehu, the President’s spokesman, late Tuesday night in a statement, however, said:
”We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.
”The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow.”
