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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.”
The Nigeria Democratic Congress (NDC) has offered its presidential ticket to Peter Obi and Rabiu Kwankwaso ahead of the 2027 elections, signaling intensifying efforts to forge a united opposition as key political deadlines approach.
In a post on X on Sunday, the party indicated a two-week window for both politicians, currently linked to the African Democratic Congress (ADC), to defect and secure its platform’s presidential ticket.
“All we need right now. Just all we need. Two weeks to deadline,” the NDC said, accompanying the message with an image of Obi and Kwankwaso and the caption: “Nigeria will be OK.”
The development comes amid renewed calls for opposition consolidation ahead of the next general elections. Supporters of both men recently launched the “OK Movement”, aimed at mobilising support for a possible joint ticket.
Organisers of the movement have begun setting up national, zonal and State structures, suggesting early groundwork for a broader political alliance.
However, the ADC is currently grappling with internal divisions that could affect its participation in the elections. The party is facing a leadership crisis, with competing factions contesting control of its structure.
The dispute is now before the Supreme Court of Nigeria, which has reserved judgment in an appeal arising from the leadership tussle.
The uncertainty comes as the Independent National Electoral Commission (INEC) maintains its timetable for the 2027 polls, setting May 30, 2026, as the deadline for political parties to submit membership registers and nominate candidates.
Opposition parties, including factions of the Peoples’ Democratic Party (PDP) and the New Nigeria Peoples Party (NNPP), have called for an extension of the timeline, arguing that the schedule is too tight given ongoing internal restructuring and legal disputes.
The NDC’s offer highlights the shifting dynamics within Nigeria’s opposition landscape, where alliances remain fluid and negotiations are ongoing.
Both Obi and Kwankwaso are influential political figures with significant regional support bases, and any alignment between them could reshape the balance of power ahead of the elections.
INEC has yet to indicate whether it will adjust its timetable, as preparations for the 2027 general elections continue to gather momentum.
Former Vice President Atiku Abubakar has expressed concern over reports that the Senate is considering the suspension of political campaigns in eight Northern states under the pretext of rising insecurity.
Atiku, in a statement issued by his Senior Special Assistant on Public Communication, Phrank Shaibu, described the development as deeply troubling and fraught with dangerous implications for Nigeria’s democracy.
He noted that while insecurity remains a serious national challenge that must be confronted decisively, it must never become a convenient justification for undermining constitutional rights or selectively restricting democratic participation.
“Let it be clearly stated: the right to vote and participate in the electoral process is fundamental and cannot be abridged under any guise. Any attempt—whether deliberate or disguised—to suppress political activities in parts of Northern Nigeria raises legitimate concerns about disenfranchisement,” Atiku said.
The Waziri Adamawa recalled that credible intelligence had earlier pointed to possible plans to weaken electoral participation in key Northern states, warning that recent developments appear to be lending credence to those fears.
“This is not merely about campaigns; it is about representation, inclusion, and the integrity of our democratic process. You cannot cure insecurity by silencing the voices of the people. Democracy must not become a casualty of government failure,” he added.
The former Vice President stressed that the people of Northern Nigeria, like all Nigerians, deserve both security and full participation in the democratic process — not one at the expense of the other.
He added that it is the responsibility of government to provide security for its citizens, while it remains the duty of citizens to freely exercise their civic rights without fear, intimidation, or unlawful restriction.
“At a time when citizens are already battling hardship and insecurity, the least the government can do is to guarantee their right to be heard — not to restrict it. Any policy that creates the impression of targeted exclusion will only deepen distrust and national division,” he warned.
He called on the Independent National Electoral Commission, security agencies, and the administration of Bola Ahmed Tinubu to immediately clarify their position and reassure Nigerians that no region will be denied its constitutional rights.
“Nigeria must never descend into a situation where elections are shaped by exclusion, fear, or administrative manipulation. The consequences of such actions are far-reaching and better imagined than experienced,” Atiku cautioned.
He urged all stakeholders to uphold the principles of fairness, equity, and national unity, emphasising that democracy must remain inclusive, transparent, and credible across every part of the country.
Political leaders from the opposition have resolved to present a united front in the 2027 general elections, agreeing to field a single presidential candidate to challenge President Bola Tinubu of the ruling All Progressives Congress (APC).
The decision was one of the major highlights of a National Summit of Opposition Political Leaders held on Saturday in Ibadan, Oyo State, where participants gathered to fashion the way out of the current challenges facing the country.
They also warned that Nigeria’s democracy is under increasing strain and requires urgent collective action to safeguard it.
The summit, themed “Safeguarding Nigeria’s Democracy: A National Dialogue,” brought together key opposition figures across party lines, culminating in the adoption of a joint communiqué known as the Ibadan Declaration.
Leaders at the event said the decision to rally behind a single candidate was driven by the need to avoid fragmentation of votes and strengthen the opposition’s chances at the polls.
Host governor, Seyi Makinde, in his welcome address, warned of a steady erosion of democratic competition, noting that the concentration of political power under one party threatens pluralism.
He took a trip down memory lane, reminding the ruling party that the ‘wet e’ era in Ibadan, which he said must not be allowed to repeat itself.
“Democracy without opposition is not democracy, it is a slow drift toward a one-party state,” he said.
Factional National Chairman of the Peoples’ Democratic Party (PDP), Taminu Turaki, described the move as both strategic and necessary, warning that disunity has historically weakened opposition efforts.
“A single stick can be broken easily, but a bundle of sticks is far more difficult to break,” he said, urging political actors to prioritise national interest over individual ambition.
Turaki maintained that Nigeria is currently experiencing what he termed “progressive regression,” citing worsening insecurity, economic challenges, and declining confidence in democratic institutions.
“This is not a moment for silence or division; it is a moment for decisive action,” he said.
Similarly, former Senate President David Mark described the moment as a “national rescue mission,” stressing that no single opposition party could confront the current political structure alone.
“We cannot confront the future as fragmented entities. This is the time to rewrite the story of coalition building in Nigeria,” Mark said.
In the communiqué issued at the end of the summit, opposition parties reaffirmed their commitment to contest the 2027 elections at all levels, rejecting what they described as attempts to impose a one-party state.
They also resolved to resist any move to make the election a one-candidate race, insisting that Nigerians must be presented with credible alternatives.
Beyond the consensus candidacy plan, the declaration raised concerns over the credibility of the electoral process.
They passed a vote of no confidence in the Chairman of the Independent National Electoral Commission (INEC), Joash Amupitan.
The opposition leaders alleged bias and called for his removal from overseeing the 2027 elections.
Leaders at the event said the decision to rally behind a single candidate was driven by the need to avoid fragmentation of votes and strengthen the opposition’s chances at the polls.
The summit further urged the National Assembly to review contentious provisions of the Electoral Act 2026, and demanded an extension of deadlines for party primaries to the end of July 2026.
Participants also called for the release of political actors allegedly detained on bailable offences, stressing the need for inclusivity and respect for fundamental rights.
Speakers at the summit, in their separate remarks, repeatedly stressed that Nigeria stands at a critical juncture, urging leaders to act decisively to preserve democratic institutions.
The summit ended with the declaration of a shared commitment among opposition parties to deepen collaboration, rebuild public trust, and present a united challenge in 2027.
The Ibadan meeting attracted several prominent political figures from different political parties, including the PDP and the African Democratic Congress (ADC).
Among them were former Vice President Atiku Abubakar, Labour Party 2023 presidential candidate Peter Obi, former Kano State governor Rabiu Kwankwaso, former Osun State governor Rauf Aregbesola, former Rivers State governor Rotimi Amaechi, political economist Pat Utomi, and elder statesman Jerry Gana, among other notable political leaders.
