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New Naira: Buhari and the Central Bank of Nigeria will announce their positions on the Supreme Court ruling today – Presidency


Garba Shehu, a media adviser to President Muhammadu Buhari, has stated that the Central Bank of Nigeria (CBN) and the President will determine whether or not to respect the Supreme Court today about the Naira redesign policy.
“We desire to state that it is not true that the federal government or the Central Bank of Nigeria, CBN, have taken a preemptive step on the legitimacy of cash as a legal tender in light of the pending case before the Supreme Court,” Shehu said in a statement late Tuesday night.

“The government’s and the CBN’s position will be made clear once the matter is resolved,” he added. up tomorrow (today).” The Presidency said, together with the CBN, it had not refused to recognise the old N200, N500 and N1,000 banknotes as legal tender despite a Supreme Court ruling, a claim earlier contradicted by the apex bank’s official in Bauchi.

Despite the Supreme Court ruling, financial institutions, filling stations, supermarkets, and other business owners have continued to reject the old naira notes. Several banks were reported to have based their decision to reject the old banknotes on a circular emanating from the CBN. However, the CBN governor, Godwin Emefiele, was reported to have stated that the old notes were no longer legal tender from February 10 at a meeting with diplomats in Abuja on Tuesday.

The Zamfara, Kaduna, and Kogi governments had approached the Supreme Court to challenge CBN’s February 10 deadline for old naira notes to cease as legal tender.

In its February 8 ruling, the Supreme Court directed all parties to maintain the status quo and quashed the February 10 deadline until the determination of the case on February 15.