Uncertainty over CBN’s deadline as Supreme Court rules today

•Traders, transporters  dump old notes •Policy here to stay –Emefiele

By Chinwendu Obienyi

There is palpable anxiety in the land as Nigerians await the Supreme Court will today deliberate over the fate of the old notes in the country.

Several Nigerians have expressed worry over the problem surrounding the deadline for the old naira notes following a Supreme Court order restraining the Nigerian government from stopping the circulation of old naira notes. 

 A seven-member panel led by Justice John Okoro, had halted the move in a ruling in an ex parte application brought by three northern states of Kaduna, Kogi and Zamfara. 

However, despite the Supreme Court order, commercial banks and other financial institutions are sticking to the initial CBN deadline of February 10, 2023, until there is a directive to the contrary. 

For instance, residents of Lagos, Ogun and Osun were left confused as banks, retail outlets and transporters rejected the old naira notes on Monday.

Daily Sun findings revealed yesterday that while some traders are still collecting the old notes, others, especially transporters, were seen rejecting the old notes ahead of today’s ruling.

The CBN Governor, Godwin Emefiele, had recently reiterated that the availability of an appropriate amount of currency (redesigned N200, N500, and N1,000 denominations and current N100, N50, N20, N10 and N5 denominations) will support economic activities.  He disclosed that the bank was collaborating with entire financial ecosystem DMBs, OFIs, MMOs, Super Agents, MFBs Payment System Providers and EFCC, ICPC and other law enforcement to ensure that Nigerians have a variety of options for financial transactions either through electronic channels or in exceptional circumstances, cash. 

 When asked as to whether there is likely to be an extension, Emefiele, while appealing to Nigerians to endure the pains emanating from difficulties in getting the newly redesigned Naira notes from financial institutions, said, “On the clamour by people to move the deadline by one more year or if we are open to further extension of the deadline. I would say no.

I am sure that people are going to say that I had said no previously, but I want to say unfortunately again, this time, we will not be looking at an extension of deadlines”.