, JUST IN: CBN Has No Reason Not To Obey Supreme Court On Naira Redesign — Presidency -

JUST IN: CBN Has No Reason Not To Obey Supreme Court On Naira Redesign — Presidency

On Monday, the Presidency said that the Central Bank of Nigeria (CBN) had no excuse for delaying implementation of the Supreme Court’s judgment over the redesign of the naira.

Garba Shehu, the senior special assistant to the president on media and publicity, claimed in a statement that the president never instructed the CBN Governor, Godwin Emefiele, or the Attorney General of the Federation (AGF), Abubakar Malami, to disregard any court orders involving the government and other parties.

Old N200, N500, and N1000 notes will be legal tender through December 31, 2023, according to a ruling by the nation’s highest court on March 3. This came about after 16 states of the Federation filed a lawsuit challenging the validity of the naira design.

The 16 states, led by Kaduna, Kogi, and Zamfara, had asked the supreme court to nullify and set down the policy because it was putting innocent Nigerians through hardship.

The court later found that the President’s disregard for its February 8 order was evidence of dictatorship and that Buhari had violated the Constitution of the Federation by giving the CBN instructions to redesign the Naira.

The Presidency, CBN, and AGF remained silent following the Supreme Court’s verdict on March 3, confusing many bank clients and Nigerians as the ruling of the top court ran counter to the President’s order on February 16 that old N500 and N1000 notes are illegal and old only 200 remain valid till April 10.

The Presidency, however, broke its quiet on Monday, claiming that the President never instructed the CBN and the AGF to disregard the supreme court’s ruling.

“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 statement reads. “Following the ongoing intense debate about the compliance concerning the legality of the old currency notes.

The Attorney General and the CBN Governor will continue to carry out their responsibilities in accordance with the law since the President does not micromanage. In any case, it is questionable at this point if there is evidence of their wilful denial on the part of the two of them.

The President is a staunch supporter of the rule of law, according to the statement, and the opposition’s and various pundits’ personal attacks on the President are unfair and unjust.

As for the cashless system the CBN is determined to implement, it is well known that many of the people in the country who suffer the most support the policy because they think it will reduce corruption, fight terrorism, foster an honest environment, and support the President’s incorruptible leadership.

So, despite the Supreme Court’s ruling, it is incorrect to attribute the current dispute over the cash shortage to the President. According to the pretext of awaiting instructions from the President, the CBN has no justification for refusing to adhere to court decisions, the statement continued.

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