The Presidency has rejected as untrue the claim that the Federal Government or the Central Bank of Nigeria (CBN) had refused to recognise the old N200, N500, and N1,000 notes as legal tender despite a Supreme Court ruling.
According to the News Agency of Nigeria (NAN), Zamfara, Kaduna, and Kogi have petitioned the Supreme Court of Nigeria for relief on behalf of their citizens in an effort to overturn the CBN deadline of February 10 for the old naira notes to stop being accepted as legal tender.
In its decision on February 8, the Supreme Court ordered all parties to maintain the status quo and revoked the February 10, 2023 deadline until the case’s resolution, which was adjourned to February 15, 2023.
Despite the Supreme Court ruling, financial institutions like banks as well as filing offices, supermarkets, and other business owners have continued to reject the old Naira notes.
Some banks were reported to have based their decision of rejecting the old notes on a circulation emanating from the CBN.
The Governor of the CBN was also quoted at a meeting with diplomats in Abuja on Tuesday as saying that the old notes were no longer legal tender from Feb. 10, 2023.
Malam Garba Shehu, the President’s spokesman, late Tuesday night in a statement, however, said:
”We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.
”The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow.” (NAN)