2 years ago
The Nigerian cardinal slope has said the precocious demonetized ₦200, ₦500 and ₦1,000 banknotes volition stay ineligible tender until Dec. 31, 2023. The cardinal slope statement, which reaffirms a Supreme Court ruling that extended the lifespan of the demonetized naira banknotes, followed a rebuke of the CBN by the outgoing Nigerian president, Muhammadu Buhari.
Central Bank’s Silence and the Resulting Speculation
The Central Bank of Nigeria yet issued a statement connected March 13 reaffirming a Supreme Court ruling which extended the lifespan of the precocious demonetized naira notes. In the statement, the CBN said the ₦200, ₦500 and ₦1,000 banknotes would “remain ineligible tender alongside the redesigned banknotes till December 31, 2023.”
After the Nigerian Supreme Court ruled against the cardinal bank’s determination to demonetize the aged naira banknotes, the CBN initially did not contented a connection directing banks and the nationalist to judge the aged notes. CBN Governor Godwin Emefiele, arsenic good arsenic the outgoing Nigerian president Muhammadu Buhari’s soundlessness reportedly led to speculation that the cardinal slope would not abide by the court’s decision.
STATE HOUSE PRESS RELEASE
PRESIDENT BUHARI NEVER TOLD A.G. AND CBN GOV TO DEFY SUPREME COURT ORDER#Thread
— Presidency Nigeria (@NGRPresident) March 13, 2023
However, successful what was described arsenic a uncommon nationalist rebuke of the CBN, the Nigerian presidency tweeted that Buhari had not instructed “the Attorney General and the CBN Governor to disobey immoderate tribunal orders involving the authorities and different parties.” It added the CBN “has nary crushed not to comply with tribunal orders connected the excuse of waiting for directives from the President.”
CBN’s ‘Established Tradition of Obedience to Court Orders’
Moments aft Buhari’s reprimand, the CBN claimed successful its ain connection that it has ever obeyed the decisions of the courts and that it volition likewise abide by the Supreme Court’s March 3 ruling.
“In compliance with the established contented of obedience to tribunal orders and sustenance of the Rule of Law Principle that characterized the authorities of President Muhammadu Buhari, and by extension, the operations of the Central Bank of Nigeria (CBN), arsenic a regulator, Deposit Money Banks operating successful Nigeria person been directed to comply with the Supreme Court judgement of March 3, 2023,” the CBN said successful a statement.
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Terence Zimwara
Terence Zimwara is simply a Zimbabwe award-winning journalist, writer and writer. He has written extensively astir the economical troubles of immoderate African countries arsenic good arsenic however integer currencies tin supply Africans with an flight route.
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