Pressure mounts on FG, CBN as Naira scarcity lingers

With the enrolled order of the Supreme Court, dated March 3^rd, 2023, served on the Attorney General and Minister of Justice, Abubakar Malami at the weekend, there is no hiding place for the government in complying with the ruling of the apex court extending the deadline for validity old Naira notes to December 31, 2023.

The Supreme Court had on March 3, ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023. It also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

However, since the judgement, the federal government and the Central Bank of Nigeria have kept mum, hinting that it has not yet gotten the Certified True Copy (CTC) of the judgment.

READ ALSO: Supreme Court: In defence of CBN on N500, N1000 Notes

Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos and Sokoto state have activated the machinery to file contempt charges against Malami and the CBN governor Godwin Emefiele if they defy the order of the Supreme Court.

A counsel in the matter said: “The burden is on Malami to act as the Chief Law Officer of the Federation to comply with the order. There is no hiding place for the government; there is no excuse again. While we are waiting for the government’s decision, the law provides us backing for Plan B.”

While some banks have started dispensing the old Naira notes to customers, many traders and businesses have continued to reject it, claiming the CBN is yet to make pronouncements on the validity of the Naira notes.

The situation has prompted many governors to threaten with arrest and prosecution businesses and individuals who reject the old naira notes, noting that

The old N500 and N1000 denominations remained legal tender till the end of the year by virtue of the ruling of the Supreme Court.

The governors also urged the commercial banks and CBN to make the old and new currencies available in their branches and at their Automated Teller Machines (ATM) points to ease the stress residents go through to get money for their daily and commercial needs.

READ ALSO: Naira scarcity: Group warns Buhari of dire consequences of disobeying S’ Court order

Meanwhile, many residents in Lagos, Osun, Ekiti and other parts of the have decried their inability to spend old N500, N1000 notes in spite of the Supreme Court’s pronouncement.

Mrs. Mosunmola Akinola, a businesswoman in Egbeda area of Lagos, said the old N500 and N1000 notes she got from the ATM had become useless as traders refused to accept them from him .

“Now see, after rushing to withdraw the old money from the bank, there is nowhere to spend it as traders continue to reject it because the President and CBN governor have not said it should be spent.

“At the moment, I have money I cannot spend, and the worst part is, banks are not collecting the old notes from customers who want to deposit them. Instead, they are asking us to take the money directly to the CBN office for deposit.

Mr. Shina Olowonyo, said he withdrew N5,000 old notes from the ATM with the intention of buying food items from the market.

Olowonyo said she almost got into a fight with some traders when they refused to collect the money from her, saying they don’t accept the old notes.

“I was angry after I wanted to buy pepper and meat and other food items, and these people said they are not collecting the old notes.

“I hope the CBN governor or Mr. President would speak or issue an official statement to address this matter, because the banks are still paying out the old notes to customers while business owners are rejecting them,” he said.