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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.”
Source: Reuters
Arise Television anchor, Rufai Oseni, has alleged that there may be attempts to prevent key opposition figures, including Peter Obi and Atiku Abubakar, from appearing on the ballot for the 2027 general elections.
Oseni’s remark followed a Federal High Court judgment ordering the de-registration of some political parties.
Justice Peter Lifu of the Federal High Court in Abuja, on Monday, ordered the Independent National Electoral Commission (INEC) to deregister the African Democratic Congress (ADC), Accord Party (AP), Action Peoples’ Party (APP), Zenith Labour Party (ZLP), and Action Alliance Party (AAP) over alleged constitutional breaches.
The judgment arose from a lawsuit filed by the Incorporated Trustees of the National Forum of Former Legislators (NFFL), which argued that the affected parties failed to meet constitutional and statutory electoral performance requirements necessary for continued recognition as political parties.
Justice Lifu subsequently barred INEC from recognising the affected parties, accepting nominations from them or permitting them to participate in activities related to the 2027 general elections.
The ruling, if upheld, could affect the political ambitions of several politicians, including former Vice President Atiku Abubakar, who is the ADC presidential flag-bearer, and Osun State governor Ademola Adeleke, who is seeking re-election on the platform of the Accord Party.
But speaking on Arise TV’s Morning Show on Tuesday, Oseni described the court ruling as a “test” of public reaction, warning that more actions could follow ahead of the next general election.
According to him, opposition parties such as the African Democratic Congress, ADC, and the Nigeria Democratic Congress, NDC, should be cautious, claiming that efforts could be made to stop major figures from participating in the election.
Oseni argued that the judgment was part of a broader process aimed at shaping the political landscape ahead of 2027.
He maintained that the ruling came despite some of the affected parties having recorded electoral victories in recent elections.
He warned that Nigerians must remain vigilant to safeguard the country’s democracy, stressing the need for judicial reforms alongside efforts to tackle insecurity.
Oseni said: “NDC, ADC should be careful because there will be attempt, and this is me predicting now, to ensure that Obi, Atiku and other big contenders are not on the ballot.
“This that you saw yesterday is just a test. This is not the real place where the whole thing is going. This is me predicting now.
“You know before you have a show you test the microphone. They want to see the reactions of Nigerians. More is still coming.
“You can see how they carry a judgement when ADC won two House of Representatives seats in Kogi, one Kogi House of Assembly seat, APP one chairmanship seat in Jigawa, Zenith Labour party won several seats in Abia, but they still went ahead and issued judgement for deregistration after the Court of Appeal, a higher court, said it should stay on that.
“If we want to deal with this judicial rascality, can I tell you something? The judge that gave this judgment, nothing will happen to him. Nothing on this earth. They are just coming.
“And who is leading this group? Gbajabiamila. Have you forgotten what Gbajabiamila said on Hon Ajibade’s birthday? So they are just coming. This one is just a test. The next one they will do is the NDC.
“With the way they’re going, if Nigerians don’t shine their eyes when they will finally have this election, you will not have the major contenders in the ballot. This thing they have just done is to test reactions from Nigerians.
“I saw this thing coming. You know we are going into an election in which Atiku Abubakar is the only major candidate from the North. It’s not like the last one you have Kwankwaso that can split the Kano votes. And you have Peter Obi and general consensus that a lot of people are in abject penury, insecurity is raging hard.
“This is the beginning of many things. They are just testing the microphone. It’s engineered. More is coming. Nigerians, it is you that will save your democracy. Judicial reforms have become so important as insecurity in Nigeria.”
The African Democratic Congress (ADC) presidential candidate, former Vice President Atiku Abubakar, has picked former Rivers State Governor and former Minister of Transportation, Rotimi Amaechi, as his running mate.
Announcing the decision, ADC National Publicity Secretary, Bolaji Abdullahi, said Amaechi’s emergence followed broad consultations within the party and reflected his strong performance as runner-up in the party’s presidential primaries as well as his track records of service to his state and the country.
According to the ADC, Amaechi’s extensive experience across both the legislative and executive arms of government, as former Speaker of the Rivers State House of Assembly, two-term Governor of Rivers State, and former Minister of Transportation, makes him uniquely qualified to complement Atiku’s leadership, strengthen the party’s national appeal, and bolster its campaign to offer Nigerians an experienced and credible alternative ahead of the 2027 presidential election.
The party said the choice of Amaechi underscores its commitment to presenting a leadership team with proven governance experience and national appeal as it prepares for the 2027 presidential contest.
ThisDay
