Emefiele bows to pressure, declares old naira notes legal tender

n a recent turn of events, the Central Bank of Nigeria Governor, Godwin Emefiele, has officially directed commercial banks to comply with the Supreme Court’s verdict regarding the use of old Naira notes.

This decision came after Meta Platforms had announced the second round of mass layoffs, which has created a lot of worries for Nigerians. The announcement puts an end to the confusion surrounding the legality of the old Naira notes and is expected to ameliorate the suffering of Nigerians who have faced severe hardships due to the scarcity of new Naira notes amid the controversial ban on the old notes.

The CBN Governor said in a statement, “The old N200, N500, and N1,000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023. Consequently, all concerned are directed to conform accordingly.” This decision was made after a meeting with the Bankers’ Committee that held on Sunday.

Earlier in March, the Supreme Court had extended the legal tender status of the old N200, N500, and N1,000 notes until December 31. However, the AGF and the CBN Governor, Godwin Emefiele, refused to comply with the order despite pressure from Nigerians. Their actions also encouraged commercial banks to reject the old notes as legal tender. This move led state governments involved in the suit to threaten to file contempt charges against the two officials should they fail to obey the apex court order.

In reaction to the continued disobedience of the Supreme Court’s ruling, the Nigerian Bar Association President, Yakubu Maikyau, SAN, warned that the bar would resist any action undermining the rule of law, constitution, and democracy in the country. The NBA described the situation as the greatest test or challenge to the nation’s constitutional democracy, stressing that the executive could not afford to disregard the orders of the Supreme Court made for the benefit of the people that elected it to power.

Maikyau said the NBA remained committed to the promotion, entrenchment, and respect for the rule of law, the integrity of the court, and the independence of the judiciary. He commended the judgment of the apex court, saying it not only spoke to the responsibility of the court to the people but also its bounden duty to protect the rule of law and the integrity of the court.

The decision by the CBN Governor to direct commercial banks to comply with the Supreme Court’s ruling is a positive step towards resolving the issue of the old Naira notes. Nigerians can now heave a sigh of relief, knowing that the old notes will be accepted as legal tender until December 31, 2023.