Old naira notes: CBN reaffirms February 10 deadline, says supreme court ruling irrelevant, non-binding

The Central Bank of Nigeria, CBN has reafirmed the february 10 deadline of old naira notes swap, adding that supreme court ruling is irrelevant and non-binding, describing it as distraction, according to a legal opinion.

The statement reads, “Neither the CBN nor deposit money banks were parties to the suit filed by three state governments (Kaduna, Kogi and Zamfara). The state governments simply took advantage of the fact that in matters purely between state and the FG, the Supreme Court can serve as the court of first and only instance. Joining the CBN in the matter would immediately rob the supreme court of jurisdiction,” the opinion said.

“Only the CBN is empowered by Law to determine what is termed legal tender, not the Supreme Court. The Attorney General of the Federation cannot issue a binding order on the apex bank governor or board as the CBN act didn’t contemplate such and the interim order is simply an academic attempt at grandstanding,” the opinion added.

It was gathered that the CBN deadline of February 10, 2023, would not change, according to senior officials of the regulator, who spoke anonymously. “We are not a party to the suit”, one of the officials noted.

It was learned that the CBN Governor, the Attorney General of the Federation and some senior officials of the administration met with President Muhammadu Buhari after the Supreme Court ruling. However, there has not been any official statement after their meeting.