CBN Governor Godwin Emefiele and APC chieftain Abdullahi Shinkafi of Zamfara State have called on the federal government to respect the Supreme Court’s judgment and allow Nigerians to use both the old and the redesigned naira notes concurrently. Speaking to journalists in Gusau on Friday, Shinkafi urged President Muhammadu Buhari’s administration to obey the rule of law, stating, “President Buhari must respect the Supreme Court’s verdict and allow both the new and old naira notes to exist concurrently until December 31, as the court ordered.” He emphasized that, since the Supreme Court has ruled the old and new notes remain legal tender, no one—regardless of rank—may contravene that order. Shinkafi called on the president to promptly instruct the Central Bank of Nigeria to re‑release the old notes into circulation and urged deposit‑money banks to follow the court’s directive.
Shinkafi lamented the adverse impact of the new‑naira policy on many Nigerians, many of whom have been driven into poverty since the cashless policy’s introduction. He criticized the president for not being properly advised by Governor Emefiele, noting that advanced economies do not replace their currencies abruptly. “The United States, the United Kingdom and Saudi Arabia used systematic, gradual methods to replace their currencies without any expiration date,” he said. “They allow old notes to circulate alongside new ones until the old notes are gradually withdrawn by banks and never reissued.”
The politician praised the governors of Zamfara, Kaduna and Kogi states for their steadfastness, which he believes will help prevent national collapse. He advised these governors to return to court if the president, Attorney General Abubakar Malami (SAN), and the CBN refuse to comply with the Supreme Court order. “The governors can apply for enforcement of Form 48 (contempt of court) and Form 49 (committal to prison) so that those who disregard the Apex Court’s decision may be imprisoned outright,” he warned.
Shinkafi urged Nigerians to continue using both the old and new naira notes as legal tender until December 31, as mandated by the Supreme Court. Earlier on Friday, the Court issued a unanimous judgment ordering that the old N200, N500 and N1,000 notes remain in circulation until that date. Justice Emmanuel Agim, reading the lead judgment, dismissed the preliminary objections of the defendants—the Attorney General of the Federation, Bayelsa and Edo states—affirming the Court’s jurisdiction over the suit. Sixteen states had filed the suit challenging the legality of the policy, alleging it caused hardship for innocent Nigerians. Justice John Okoro, heading a seven‑justice panel, had set March 3 as the deadline for the Court’s decision, following a February 22 hearing. The states, led by Kaduna, Kogi and Zamfara, sought to have the policy voided and set aside.
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