Our stand on legality of old Naira notes – CBN

CITIZENS COMPASS– AS confusion trails the legality of the old 200, 500 and 1,000 Naira notes, the Central Bank of Nigeria (CBN), has said it is yet to determine the deadline for the legality of the notes.

Both the CBN and Federal Government said they will take decision on the legality of the old currency notes after the determination of the suit filed by some state governments at the nation’s apex court.

Three states, Kogi, Kaduna and Zamfara had dragged the federal government to the Supreme Court asking that the February 10 deadline by the Central Bank of Nigeria, CBN, be extended.

Some other states in the federation have submitted applications to join Kogi, Kaduna and Zamfara in the suit as the court had fixed February 15 to determine the suit.

However, it was reported that the CBN has insisted that the February 10 deadline is sacrosanct.

Some Nigerians have accused the Federal Government and the CBN of contempt of court and insensitive to the hardship many Nigerians are passing through as a result of the scarcity of cash.

But the Federal Government last night said that decision will only be taken after the determination of the suit in the Supreme Court.

When contacted to comment on the position of government, the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu said:

“We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria (CBN)  have taken a preemptive 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 tomorrow (Wednesday)”


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