Why CBN Yet To Comply With Supreme Court Judgement On Old Naira Notes

More than 24 hours after the famous judgement against the cash swap policy, the Central Bank of Nigeria, CBN, is yet to comply with the order of the Supreme Court that the old N200, N500, and N1000 notes should be allowed to circulate alongside the old ones till December 31, 2023.

Daily Bells reports that it might not be unconnected with the fact that the CBN is still waiting for legal advice and implications of the Supreme Court judgement from the Attorney General of the Federation, Abubakar Malami.

The CBN was yet to give a directive to the commercial bank because it was still waiting for the legal interpretation and implications of the Supreme Court judgment for the Attorney General of the Federation, Abubakar Malami.

The CBN was not joined in the suit filed by some states against the Federal Government at the Supreme Court but the apex court was unambiguous in its ruling by ordering the Federal Government to compel its agency, the CBN, to reverse the naira redesign policy.

Meanwhile, a chieftain of the All Progressives Congress in Zamfara State, Abdullahi Shinkafi, has advised the 16 state governors who took the federal government to court over the naira redesign to return to court in the event that the President, the Attorney General of the Federation and the CBN refused to abide by the Supreme Court order.

“The governors have powers to apply for enforcement of form (48), contempt of court charge and form (49), committal to prison so that all the actors who chose to disregard the decision of the Apex Court could be taken to prison outrightly,” he said.