Headlines
Emefiele, CBN Finally Bow to Pressure, Declare Old Naira Notes As Legal Tender
The Central Bank of Nigeria Governor, Godwin Emefiele, on Monday finally bowed to pressure and officially ordered commercial banks to comply with the Supreme Court judgement mandating the use of old N,1000 and N500 notes as legal tender till December 31, 2023, exactly 10 days after.
He also announced that the old N200, N500 and N1,000 would remain legal tender till the end of the year.
Emefiele said the decision followed a meeting with Bankers Committee that held on Sunday.
The development has put an end to the confusion over the legality of the old naira notes. The action is also expected to ameliorate the suffering of Nigerians who have faced severe hardships over the scarcity of new naira notes amid the controversial ban on the old notes.
The Acting Director, Corporate Communications, Isa AbdulMumin, disclosed the latest development in a statement titled ‘Old N200, N500, and N1,000 banknotes remain legal tender – CBN’
The statement read, “In compliance with the established tradition of obedience to court orders and sustenance of the rule of law principle that characterised the government of President Major General Muhammadu Buhari (retd.), and by extension, the operations of the Central Bank of Nigeria, 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 N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.”
Earlier on Monday, the Nigerian Bar Association and Nigeria Labour Congress had berated the Federal Government and the CBN for failing to obey the Supreme Court judgment on the old naira notes.
On Sunday, the Arewa Consultative Forum in a statement said Buhari’s failure to obey Supreme Court would tarnish the reputation of his regime.
The NBA came down hard on the President and the Attorney-General of the Federation, Abubakar Malami, for failing to obey the Supreme Court judgment.
The Supreme Court had in its March 3 judgment extended the legal tender status of the old N200, N500, and N1,000 notes until December 31.
However, the AGF and the CBN Governor, Godwin Emefiele refused to comply with the order despite pressure from Nigerians. Their actions also encouraged commercial banks to reject the old notes as legal tender.
Worried by the development, state governments involved in the suit threatened to file contempt charges against the two officials on Tuesday (today) should they fail to obey the apex court order.
In the judgment delivered by Justice Emmanuel Agim, the Supreme Court held that Buhari breached the constitution in the manner he issued directives for the naira notes.
The seven-man panel also slammed the President over his February 16 broadcast in which he said only the N200 note should remain legal tender in flagrant violation of the restraining order made by the apex court.
Justice Agim stated, “The rule of law upon which our democratic governance is founded becomes illusory if the President of the country or any authority or person refuses to obey the orders of courts. The disobedience of orders of courts by the President in a constitutional democracy as ours is a sign of the failure of the constitution and that democratic governance has become a mere pretension and is now replaced by autocracy or dictatorship.”
United States Representative Riley Moors has said further military strikes against Islamic State-linked militants in Nigeria could follow recent operations ordered by President Donald Trump, describing the actions as aimed at improving security and protecting Christian communities facing violence.
Moore made the remarks during a televised interview in which he addressed U.S. military strikes carried out on Christmas Day against militant targets in North-west Nigeria.
The strikes were conducted in coordination with the Nigerian government, according to U.S. and Nigerian officials.
“President Trump is not trying to bring war to Nigeria, he’s bringing peace and security to Nigeria and to the thousands of Christians who face horrific violence and death,” Moore said.
He said the Christmas Day strikes against Islamic State affiliates had provided hope to Christians in Nigeria, particularly in areas affected by repeated attacks during past festive periods.
According to U.S. authorities, the strikes targeted camps used by Islamic State-linked groups operating in parts of north-west Nigeria.
Nigerian officials confirmed that the operation was carried out with intelligence support from Nigerian security agencies as part of ongoing counter-terrorism cooperation between both countries.
The United States Africa Command said the operation was intended to degrade the operational capacity of extremist groups responsible for attacks on civilians and security forces.
Nigerian authorities have described the targeted groups as a threat to national security, noting their involvement in killings, kidnappings and raids on rural communities.
Moore said the strikes marked a shift from previous years in which attacks were carried out against civilians during the Christmas period. He said the U.S. administration was focused on preventing further violence by targeting militant groups before they could launch attacks.
U.S. officials have said the military action was carried out with the consent of the Nigerian government and formed part of broader security cooperation between the two countries. Nigeria has received intelligence, training and logistical support from international partners as it seeks to contain militant activity.
Moore had previously called for stronger international attention to attacks on Christian communities in Nigeria and has urged continued U.S. engagement in addressing extremist violence. He said further action would depend on developments on the ground and continued coordination with Nigerian authorities.
Nigerian officials have maintained that counter-terrorism operations are directed at armed groups threatening civilians, regardless of religion, and have reiterated their commitment to restoring security across affected regions.
World-renowned boxer Anthony Joshua on Monday survived a ghastly road accident in Makun, Ogun State.
Eyewitnesses report that the incident occurred along a busy highway of the Lagos-Ibadan expressway.
The vehicle carrying Joshua, a Lexus Jeep with the number plate, KRD 850 HN, reportedly collided with a stationary truck under circumstances that are still being investigated.
Joshua reportedly sustained minor injuries, while two persons were said to have died on the spot.
Former Vice President Atiku Abubakar has cautioned that any attempt to hurriedly re‑gazette Nigeria’s new tax laws could undermine parliamentary oversight and set a dangerous constitutional precedent.
Atiku’s warning follows public scrutiny over reports that the Tax Reform Acts signed by President Bola Tinubu differ from the versions passed by the National Assembly. Lawmakers, including Abdussamad Dasuki, raised concerns that the alterations could pose serious legal and constitutional risks, noting that they were not backed by any constitutional framework.
In a statement on X, Atiku said the directive to re-gazette the Acts effectively confirms “that the gazetted version of the Tinubu Tax Act does not reflect what was duly passed by the National Assembly,” calling it “a grave constitutional issue.”
He emphasized that under Section 58 of the 1999 Constitution, a bill only becomes law after passage by both chambers, presidential assent, and gazetting.
“Gazetting is merely an administrative act of publication. It does not create, amend, or validate a law,” Atiku said, adding that any post-passage insertion, deletion, or modification without legislative approval constitutes forgery rather than a clerical error.
Atiku further warned that rushing a re-gazetting while legislative investigations are ongoing “undermines parliamentary oversight and sets a dangerous precedent,” stressing that the only lawful approach is “fresh legislative consideration, re-passage by both chambers, fresh presidential assent, and proper gazetting.”
The former vice president clarified that his position is not opposition to tax reform but a defence of constitutional order.
“This is a defence of the integrity of the legislative process and a rejection of any attempt to normalise constitutional breaches through procedural shortcuts,” he said.
The Federal government has denied wrongdoing, insisting the laws will take effect as scheduled on January 1, 2026, while the National Assembly has directed the issuance of Certified True Copies of the Acts to ensure clarity and accuracy.
