CBN, AGF must respect Supreme Court’s order on old Naira notes now – APC, governors

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be abdullahi adamu x

The All Progressives Congress (APC) and governors elected under its umbrella have called on the Central Bank of Nigeria (CBN) and the Attorney General of the Federation (AGF) to respect Supreme Court’s order on the old Naira notes now.

The Supreme Court had in a ruling on 8 February granted an interim injunction that the CBN and the federal government should suspend the implementation of the Feb.10 deadline for the expiration of the legal tender status of the old N200, N500 and N1000 notes.

On 15 February the apex court affirmed the ruling.

This, it said, should be pending until the hearing and determination of a suit before it slated for Feb. 22.

In a surprise move President Buhari on 16 February, in a broadcast announced that only the old N200 note would remain valid until April 10. He said old N500 and N1000 notes had ceased to be legal tender.

The broadcast had been heavily criticised and condemned by lawyers and many of the 21 governors of the APC.

Many expressed outrage that the President could openly defy the apex court in a democracy.


But arising from an emergency meeting on Sunday in Abuja between the APC and its governors, they said “without prejudice or whatsoever to the case that is lying at the Supreme Court at this point in time, that has to do with the issue of currency re-design.

“We note very seriously that the programme and its implementation is causing tremendous difficulties to the people of Nigeria and to the national economy.”

The resolution of the meeting was read by the APC’s National Chairman, Senator Abdullahi Adamu.

Adamu urged the AGF and the CBN to respect the apex court’s ruling which is still subsisting.

“That we urge the Attorney General of the Federation and the Governor of the Central Bank of Nigeria (CBN) to respect the Supreme Court order of interim injunction which is still subsisting.

“That the meeting is urging his Excellency, President Buhari, to intervene in resolving issues that are causing this great difficulties to the economy,” Adamu said.