Naira redesign: Buhari, CBN keep mum over Supreme Court verdict

…CPPE lauds Supreme Court ruling on old currency notes validity

By Seun Ibiyemi and Mathew Dennis

Following the announcement made by the Supreme court of Nigeria over old Naira note that it remains legal and in circulation till December 31 this year, the Federal government and Central Bank of Nigeria (CBN) is yet to address Nigerians whether banks can continue to accept the old notes.

This is even as business operators said they are anxious to hear from President Muhammadu Buhari and/or the Central Bank over validity of old Naira notes.

The apex court ordered the Central Bank of Nigeria CBN to allow both the old naira notes and the new ones to circulate side by side till the end of the year.

The business operators were reacting to the Supreme Court ruling that the old N500 and N1000 notes remained legal tender till Dec. 31.

They, however, said it was risky to accept the notes until directive from either the Presidency or the CBN.

They said their decision was borne out of the controversy that followed a similar Supreme Court pronouncement that was not adhered to.

A taxi driver, Mr Akin Gbenga, said he was hopeful that Buhari or the CBN Governor Godwin Emefiele would speak within the week on  whether or not they should go ahead and accept those old notes.

He said until such directive was given, he would insist that customers paid him only with new N500 or N1000 notes.

A petty trader, simply identified as Mrs Adeosun Titiloye, also told Nigerian lNewsDirect that she won’t accept the old notes, saying “until I hear from the horse’s mouth I will not collect the old notes”.

Adeosun said she would not want to go through the stress she went through when the notes were declared invalid by the CBN.

A resident, Mr Moshood Olalekan, said he was excited when the pronouncement validating the use of the old notes was made by the Supreme Court.

Olalekan, however, expressed dissapointment that he could not use the old notes he had, adding that business operators are still rejecting them in spite of the ruling.

“I have about N3,000 of the old N1000 notes with me and I felt elated when the court gave the ruling, but to my dismay the money was rejected when I went out to buy a few items.

“I tried informing them that the ban had been lifted by the Supreme Court and they asked if the CBN had spoken.

“I further tried to educate them that once the Supreme Court gives a ruling, everyone was bound by it but they insisted on hearing from the Executive before taking any action.

“At that point I got discouraged and went back home, and as I speak with you I still have the money with me,” he said.

Recall that the Central Bank of Nigeria (CBN) said only N200 old notes are to be reissued and circulated concurrently with the new notes in line with the directives of President Muhammadu Buhari.

The bank restated this in a statement jointly signed by Mr Edward  Adamu, Deputy Governor, Corporate Services, and Mr Osita Nwanisobi, Director, Corporate Communications, CBN, on Tuesday in Lagos.

The CBN said that Buhari had not given any approval for the old denominated notes to be reissued and re-circulated as legal tender for 70 days up to May 1, as stated in a fake press release.

“The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank.

“The fake press release purported that President Muhammadu Buhari had approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.

“For the avoidance of doubt, the Central Bank of Nigeria reiterates that in line with the directives of Mr President, only N200 old notes are to be reissued and to circulate concurrently with the new notes.

“Members of the public are therefore advised to ignore this fake news,” it said.

It added that the bank was working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news.

The statement urged Nigerians to be guided and to ignore the fake press release credited to the President

Speaking to Nigerian NewsDirect Daily newspaper, the Acting Director of Corporate Communications Department of the apex bank, Isa Abdulmumin said CBN will react soon on the judgement.

As at the time of filling this report, CBN could  not officially respond to the rulling of the Supreme court over the old naira notes.

Reaction

Supreme Court ruling on Old Naira notes is targeted to satisfy the rich — Ehindero

A popular Activist and Executive Director of Nigerian Workforce Strategy and Enlightenment Centre (NIWOSEC), Dr. David Kayode Ehindero has chastised the ruling by the Supreme Court on the old Naira Notes Redesigned policy arguing it’s targeted at satisfying only the rich.

Speaking to Nigerian NewsDirect Exclusively, he said “The Supreme Court judgement is envisaged and looks like an arrangement for the power that be.

“The old Naira notes has left the Nigeria streets, the remainder could be in their vaults. The Central Bank of Nigeria (CBN) has provided various openings for the exchange of the monies and the masses have complied, but, the Governors and other political office holders that have them in excess are the ones complaining.”

According to him reasons for the hardship is not the new Naira note but accessibility and Bank policy of limitation in amount to be withdrawn per day.

He stressed that, “It is unfortunate that our courts dance more to the beats of politicians, that is why anytime they catch cold, the court sneezes.

“Nigerians have sacrificed for the policy, and now with the Supreme Court judgement, our sacrifices are futile.”

Dr. Ehindero revealed that the policy has its gains, like the reduction in rate of kidnapping and robbery in Nigeria.

“We need a total overhaul in our system, a Governor’s Threat or Will should not override the collective good of all.”