Presidency voids CBN stand on old notes as Nigerians await S’Court Today
Whereas the Central Bank of Nigeria (CBN) still insists that Supreme Court ruling on old notes is not binding on it as its not party to the suit, the presidency yesterday disclosed that neither the federal government had taken a pre-emptive position on the legality of the old N200, N500, and N1,000 notes in view of the case pending before the Supreme Court, which comes up for hearing today.
In a statement by its spokesperson, Mallam Garba Shehu, the presidency said the federal government’s position on the currency swap would be made public after the determination of the suit. The statement said, “Following series of enquiries, we wish to state that it is not true that the federal government or the CBN has taken a pre-emptive 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 Wednesday.” The Supreme Court had in a ruling on February 8 suspended the CBN’s February 10 deadline to stop the use of old currency notes.
