Naira Crunch: FG Reveals When It Will Take Decision on Legality of Old Notes, Speaks on CBN's Position
- The federal government has dismissed the reports indicating that the CBN disregarded the Supreme Court ruling on the February 10 deadline for swapping old Naira notes
- Presidential spokesman Garba Shehu said the FG and the apex bank will take a decision on the legality of the old notes after the Supreme Court ruling on Wednesday, February 15
- The CBN governor Godwin Emefiele had earlier said that there was no need to shift the February 10 deadline
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State House, Abuja - The Federal Government has stated that it will take a decision on the legality of the old currency notes of N200, N500 and N1000 after the determination of the suit filed by some state governments at the nation’s apex court.
Three states, Kogi, Kaduna and Zamfara had dragged the federal government to the Supreme Court asking that the February 10 deadline by the Central Bank of Nigeria, CBN, should be extended.
Source: Facebook
The court had fixed February 15 to determine the suit.
However, it was reported that the CBN has insisted that the February 10 deadline is sacrosanct.
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Some Nigerians have accused the Federal Government and the CBN of contempt of court and insensitive to the hardship many Nigerians are passing through as a result of the scarcity of cash.
But the Federal Government said that decision will only be taken after the determination of the suit in the Supreme Court, Vanguard reported.
Commenting on the position of government, the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu said:
“We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.
“The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow," Garba Shehu said.
Source: Legit.ng
