Old Naira Notes: Presidency Breaks Silence, Reveals Buhari's Position on Supreme Court Order

Old Naira Notes: Presidency Breaks Silence, Reveals Buhari's Position on Supreme Court Order

  • The presidency has exonerated President Muhammadu Buhari from the CBN's failure to obey the Supreme Court order on the old Naira notes deadline
  • Presidential spokesman Garba Shehu said the president never instructed the CBN governor, Emefiele, and AGF Malami to defy the orders of the apex court
  • Recall that the Supreme Court had in on March 3 invalidated the naira redesign policy introduced by the CBN and fixed December 31, 2023, as the deadline for the old Naira notes swap

State House, Abuja - The presidency has defended President Muhammadu Buhari, saying he never instructed the Attorney General, Abubakar Malami, and the CBN Governor, Godwin Emefiele, to disobey any court orders regarding the Naira redesign policy.

Presidential spokesman Garba Shehu made the presidency's position known in a statement released on Monday night, March 13.

Buhari/Naira Redesign Policy/CBN Governor Emefiele/AGF Malami
Presidency said Buhari never directed CBN governor Emefiele to disobey the Supreme Court order on the Naira redesign policy. Photo credit: Femi Adesina
Source: Facebook

Recall that the Supreme Court ruled on Friday, March 3 to invalidate the naira redesign policy introduced by the CBN.

The court made the declaration while delivering judgment in a suit instituted by three states of the federation.

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A seven-member panel of the apex court held that the old N200, N500, and N1000 notes remain legal tender until December 31, 2023.

The apex court faulted the entire policy of the CBN, saying the timing and implementation were defective.

However, since the ruling, neither the CBN governor nor the AGF has made any official statement about compliance with the apex court ruling.

CBN has no reason not to comply with court order - Presidency

Reacting to the development on Monday evening, the presidency in the statement insisted that there was no time that the president directed the AGF and CBN governor not to obey the ruling.

It added that the apex bank has no reason not to comply with the orders of the court.

“The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President," the statement read partly.

Read the full statement below:

"The Presidency wishes to react to some public concerns that President Muhammadu Buhari did not react to the Supreme Court judgement on the issue of the N500 and N1,000 old currency notes, and states here plainly and clearly that at no time did he instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.
"Since the President was sworn into office in 2015, he has never directed anybody to defy court orders, in the strong belief that we can't practise democracy without the rule of law and the commitment of his administration to this principle has not changed.

"Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.
"The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case. it is debatable at this time if there is proof of willful denial by the two of them on the orders of the apex court.
"The directive of the President, following the meeting of the Council of State. is that the Bank must make available for circulation all the money that is needed and nothing has happened to change the position.
"It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts. He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.

"The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.
"As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.
"It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.
"President Buhari has also rejected the impression that he lacks compassion, saying that "no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”

Old Naira notes: Nigerians react to presidency's statement

Usman Zakari Ibrahim commented on Facebook:

"Thank you for this message.
"However, the President should address Nigerians and declare his compliance to the order, else people will take whatever is said with a pinch of salt. The fear of PMB's unpredictability is the beginning of wisdom.."

Job Omiachi said:

"Emefiele has been used and thrown under the bus. Now let's have our money back please."

Olabode Ipadeola said:

"Buhari has chosen to end his government by bringing sorrow,tears, and blood to Nigerians,his silence on naira confiscation policy is anti people and an embarrassment to us that defended his administration,we have become laffing stuff (sic) among our people, it's a big shame."

Shaibu Husseini said:

"Dear Sir, lovely press statement. But the market men and women want to hear the President tell them in a nationwide broadcast to accept and use old and new currency in line with the order of the SC.

"They wondered why the President made a nationwide broadcast for them to accept and use the N200 notes but won't return or even direct Emefiele to implement the order of the highest court of the land. Just a statement of directives and all the sufferings will end."

Comrd Elda Akor said:

"Stop the long grammar.
"All Nigerians want to hear is that Mr President has directed the CBN to obey the court and the CBN governor should give directive to Banks to give and recieve the old naira notes. Simple."

CBN reintroduces N500, N1000 notes into circulation

Meanwhile, the Central Bank of Nigeria (CBN) has said the old N500 and N1000 notes are now legal tender.

The apex bank made this known in a statement released Monday, March 13, 2023.

The statement came shortly after the presidency said Buhari did not direct Emefiele and Malami to disobey the Supreme Court ruling on the Naira redesign policy.

Source: Legit.ng

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