The fate of the old Naira notes – N200, N500 and N1,000 – hangs in the balance as the Presidency said on Monday that President Muhammadu Buhari did not direct either the Attorney General of the Federation or the Governor of the Central Bank of Nigeria (CBN) to disobey any court orders.
And this is as the CBN itself said that it has not issued any statement on the situation, which has resulted in the non-availability of either the old or the new Naira notes to the discomfort of the citizens.
On 3 March, the Supreme Court ordered that the old N200, N500, N1,000 notes remain in circulation till 31 December 2023. It nullified the Federal Government’s Naira redesign policy, declaring it as an affront to the 1999 Constitution.
In a statement on Monday, the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu said the directive President Muhammadu Buhari, following the meeting of the Council of State on 10 February, was that the CBN must make available for circulation all the money that is needed “and nothing has happened to change the position”.
Shehu said that “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 statement reads: “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 wilful 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”.
The CBN’s Acting Director of Corporate Communication, Dr Isa Abdulmumin however told DAILY POST on Monday that the apex bank is yet to direct commercial banks to dispense and accept the deposit of old Naira notes.
Abdulmumin spoke against the background of a statement attributed to Anambra State Governor, Prof. Chukwuma Soludo, that the CBN had directed commercial banks to dispense and accept the old notes. Soludo is a former CBN Governor.
Abdulmumin however said: “Governor Charles Soludo’s statement emanates from him, not the Central Bank of Nigeria. The Central Bank has not issued any statement directing banks on a collection of old naira notes. I am sure sometime in the future; the bank will issue a statement”.
