23.8 C
Monday, June 17, 2024

Nigerian govt, CBN, banks, others flout Supreme Court order on naira notes

Nigerian govt, CBN, banks, others flout Supreme Court order on naira notes

Commercial banks and filling stations in Nigeria have stopped collecting the old naira notes from customers, in gross disregard to the ruling of the Supreme Court restraining the federal government from enforcing the February 10 time limit earlier fixed by the apex bank for the currency swap.

This was as a result of the refusal of the federal government and the Central Bank of Nigeria (CBN) to abide by the apex court’s orders, and some bank officials revealed that the CBN instructed them not to accept the old note.

If that was true, it means that the CBN was acting contrary to the Supreme Court order, and deliberately too.

Reports on Monday indicated that the banks refused to accept the old N1000, N500 and N200 notes from depositors and point-of-service agents who flooded the bank to lodge their cash.

Point of service operators and other bank customers whose old naira notes were rejected, panicked as bank officials, who said they were acting on the CBN’s directive, remained adamant.

Also, lawyers and litigants at high courts in Lagos State were unable to file their court processes using the old naira notes for payment.

As the naira crisis worsened, the CBN governor, Godwin Emefiele, again met with the President Muhammadu Buhari, at the presidential villa on Monday.

Emefiele, who had met with the President about six times since the naira crisis started, failed to address newsmen as he reportedly left the villa through a side entrance.

The governments of Kaduna, Kogi and Zamfara states on February 8 secured the order of the apex court extending the deadline beyond last Friday stipulated by the CBN for the use of the old notes.

A seven-member panel of the apex court, led by Justice John Okoro directed that the deadline be suspended till Wednesday when the proceedings would continue even as other states had applied to join the suit.

In Kano State, Governor Abdullahi Umar Ganduje, gave orders for the closure of business entities in the state that rejected the old notes.


Share your thoughts on the story Nigerian govt, CBN, banks, others flout Supreme Court order on naira notes with NigerianSketch in the comments section below.

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -spot_img

Latest Articles