After Presidential Rebuke, Nigeria’s Central Bank Says Demonetized Naira Banknotes Still Legal Tender

After Presidential Rebuke, Nigeria’s Central Financial institution Says Demonetized Naira Banknotes Nonetheless Authorized Tender

March 16, 2023 Off By lordanime37
After Presidential Rebuke, Nigeria’s Central Bank Says Demonetized Naira Banknotes Still Legal Tender

The Nigerian central financial institution has stated the lately demonetized ₦200, ₦500 and ₦1,000 banknotes will stay authorized tender till Dec. 31, 2023. The central financial institution assertion, which reaffirms a Supreme Courtroom ruling that prolonged the lifespan of the demonetized naira banknotes, adopted a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari.

Central Financial institution’s Silence and the Ensuing Hypothesis

The Central Financial institution of Nigeria lastly issued a statement on March 13 reaffirming a Supreme Courtroom ruling which prolonged the lifespan of the lately demonetized naira notes. Within the assertion, the CBN stated the ₦200, ₦500 and ₦1,000 banknotes would “stay authorized tender alongside the redesigned banknotes until December 31, 2023.”

After the Nigerian Supreme Courtroom dominated in opposition to the central financial institution’s determination to demonetize the outdated naira banknotes, the CBN initially didn’t difficulty a press release directing banks and the general public to just accept the outdated notes. CBN Governor Godwin Emefiele, in addition to the outgoing Nigerian president Muhammadu Buhari’s silence reportedly led to hypothesis that the central financial institution wouldn’t abide by the court docket’s determination.

Nevertheless, in what was described as a uncommon public rebuke of the CBN, the Nigerian presidency tweeted that Buhari had not instructed “the Lawyer Basic and the CBN Governor to disobey any court docket orders involving the federal government and different events.” It added the CBN “has no cause to not adjust to court docket orders on the excuse of ready for directives from the President.”

CBN’s ‘Established Custom of Obedience to Courtroom Orders’

Moments after Buhari’s reprimand, the CBN claimed in its personal assertion that it has all the time obeyed the choices of the courts and that it’s going to equally abide by the Supreme Courtroom’s March 3 ruling.

“In compliance with the established custom of obedience to court docket orders and sustenance of the Rule of Legislation Precept that characterised the federal government of President Muhammadu Buhari, and by extension, the operations of the Central Financial institution of Nigeria (CBN), as a regulator, Deposit Cash Banks working in Nigeria have been directed to adjust to the Supreme Courtroom judgement of March 3, 2023,” the CBN stated in a press release.

Register your e-mail right here to get a weekly replace on African information despatched to your inbox:

What are your ideas on this story? Tell us what you suppose within the feedback part under.