Four days after the Supreme Court ruled that the old Naira notes should remain legal tender until December 31, 2023, the Central Bank of Nigeria (CBN) and the Presidency have yet to comply with order, thereby putting the economy and other activities in dire straits, Persecondnews reports.
No word from President Muhammadu Buhari directing CBN Gov. Godwin Emefiele since the landmark judgment was given last Friday, March 3.
Persecondnews reporters who went round Abuja and Lagos reports that the banks have failed to comply as people still converge in their hundreds to cash their money.
Buhari had after the court ruling jetted out of the country to Qatar for a UN conference on least-developed countries and he is expected back in the country on Thursday.
The apex court gave the ruling on Friday, nullifying Federal Government’s decision to stop the old N500 and N1,000 notes being legal tender which took effect on February 10.
Cash squeeze has nearly crippled the economy with banks unable to dispense the new banknotes and the old N200 note that Buhari earlier approved should only be in circulation until April end.
Even the N200 is being rationed by banks which dole out between N2,000 and N10,000 maximum to their customers.
Following widespread condemnation of the policy and its accompanying pains on Nigerians, President Buhari addressed Nigerians on February 16, directing that the old N200 be returned into circulation to alleviate the hardship faced by citizens.
On March 3, the Supreme Court panel of seven justices had nullified the policy, describing the methodology and implementation of the policy as an affront to the 1999 Constitution.
It held that although the President had authority to act as the country’s executive, he was still required to give the federating units (the states) adequate notice before implementing the new monetary policy through the CBN.
The court said that before the old naira notes were withdrawn, the states had not received reasonable notice as required by Section 20(3) of the CBN Act.
Consequently, the apex court, in a lead judgment delivered by Justice Emmanuel Agim, ruled that Buhari’s authorisation for the CBN to withdraw the old banknotes was illegal.
Businesses as at Monday afternoon are in a state of flux as operators said they are anxious to hear from President Buhari or the CBN over validity of the old notes, noting that it was risky to accept the notes until there is a directive from either the Presidency or CBN.
They said their decision was borne out of the controversy that followed a similar Supreme Court pronouncement that was not adhered to.
Persecondnews reports that an Abuja taxi driver, Abubakar Umar, said he was hopeful that Buhari or the CBN Governor, would speak up within the week on whether or not they should go ahead and accept the old notes.
He said until such directive was given, he would insist that customers paid him only with new N500 or N1,000 notes.
A petty trader, simply identified as Madam Uloma, also said she would not accept the old notes, pending “when I hear from the horse’s mouth, I will not collect the old notes.”
Uloma said she would not want to go through the stress she went through when the notes were declared invalid by CBN.
A resident, Fred Oyibo, said he was excited when the pronouncement validating use of old notes was made by the Supreme Court but expressed disappointment that he could not use the old notes he had.
“I have about N3,000 of the old N1,000 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 tried to educate them that once the Supreme Court gives a ruling, everyone was bound by it but they insisted on hearing from the Presidency before taking any action,” he said.
Meanwhile, President Buhari, from Qatar, had charged Chadian warlords and leaders of the various political factions in Chad to show restraint and patriotism by immersing themselves in the ongoing transition to democracy in the country.
He also gave some words of encouragement to the Flying Eagles to win the ongoing CAF U-20 Africa Cup of Nations (AFCON) in Egypt as Nigeria prepares to face the Gambia today in the semifinals of the competition.
Buhari also condoled with the family of the late maximum ruler, Gen. Sani Abacha, his wife, Maryam Abacha, on the death of their 36-year-old son, Abdullahi, in his sleep in the family luxury home in Abuja.
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