The Presidency has clarified that neither the Federal Government nor the Central Bank of Nigeria has taken a position on the continued use of the old N200, N500, and N1,000 notes as legal tender, because the case remains pending before the Supreme Court, which is scheduled to hear it today (Wednesday). Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said the government will announce its stance on the new naira policy after the court’s decision.
In a response to our correspondent on Tuesday, Shehu emphasized, “Following a series of enquiries, we wish to state that it is not true that the FG or the CBN has taken any pre‑emptive action on the legality of the currency as 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.”
This statement follows a Supreme Court ruling on February 8 that suspended the CBN’s February 10 deadline to halt the use of the old naira notes. The bank had ordered citizens to exchange the old N200, N500, and N1,000 banknotes for redesigned versions. However, the Court, responding to an ex parte application filed by the governments of Kaduna, Kogi, and Zamfara, barred the CBN from enforcing its ban pending the hearing and determination of the case on Wednesday, February 15.
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