The Presidency announced on Monday evening that the Central Bank of Nigeria has no reason to ignore the Supreme Court’s ruling on the naira redesign policy. In a press statement released by the President’s Senior Special Adviser on Media and Publicity, Garba Shehu, it was clarified that President Major General Muhammadu Buhari (retd.) never instructed CBN Governor Godwin Emefiele or Attorney‑General Abubakar Malami to disobey any court orders involving the government or other parties.
The statement responded to public concerns that Buhari had not reacted to the Supreme Court’s March 3 judgment, which ordered that the old N200, N500 and N1,000 notes remain legal tender alongside their redesigned counterparts until December 31, 2023. Shehu emphasized that the President has never directed anyone to defy court orders, asserting that “we cannot practice democracy without the rule of law,” and that this principle remains unchanged in his administration.
Shehu further absolved Buhari of any wrongdoing regarding compliance with the apex court’s order on the old naira notes, stating that the President has not knowingly or deliberately interfered with the administration of justice. He noted that Buhari is not a micromanager and will not prevent the Attorney General or the CBN Governor from performing their duties in accordance with the law. However, Shehu added that it is “debatable at this time if there is proof of wilful denial by the two of them on the orders of the apex court.”
According to Shehu, following a Council of State meeting, Buhari directed the central bank to make available all the money needed for circulation, and “nothing has happened to change the position.” He highlighted that Buhari has been “an absolute respecter of judicial process and the authority of the courts” since assuming office eight years ago, and condemned the “negative campaign and personalised attacks” by the opposition and commentators as unfair, noting that no court order has been issued or directed at the President.
Regarding the cashless system the CBN is pursuing, the statement noted that many citizens, who bear the brunt of economic hardships, support the policy because they believe it will curb corruption, fight terrorism, promote honesty, and reinforce the President’s incorruptible leadership. Shehu argued that it is “off the mark” to blame the President for the current cash‑scarcity controversy despite the Supreme Court judgment, insisting that the CBN has no excuse to ignore court orders while waiting for presidential directives.
Buhari rejected any impression that he lacks compassion, asserting that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.” The Supreme Court’s seven‑member panel, led by Justice John Okoro, had directed on March 3 that the old notes remain legal tender until December 31, 2023. The court had previously ruled that Buhari’s February 16 nationwide broadcast, which allowed only the old N200 notes to remain valid with the new notes until April 10 while outlawing the old N500 and N1,000 notes, was issued “without due consultation.” The panel, in a judgment read by Emmanuel Agim, condemned Buhari’s decision to contravene the February 8 court order that required the old N200, N500 and N1,000 notes to continue circulating alongside the new ones pending further hearing.
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