Fresh Crisis Looms for Emefiele Over Refusal To Direct Banks To Pay, Accept Old Notes
- Godwin Emefiel, the governor of the Central Bank of Nigeria (CBN), has been accused of contempt
- This allegation came after the Supreme Court declared the old naira notes as legal tender until December 31
- However, this order by the apex court has yet to manifest following Emefiele's refusal to issue directives to banks to commence paying and accepting old notes
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The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has been accused of committing the crime of contempt for his failure to obey the rulings of the Supreme Court.
As reported by The Nation newspaper, the apex court had earlier ruled that the old N200, N500 and N1,000 notes would remain legal tender until December 31 and co-exist with the new ones.
Source: Getty Images
Following the order issued by the apex court, Governor Emefiele is yet to instruct banks to begin to accept and pay customers the old naira notes.
Veteran Professor of Law Itse Sagay, at a media parley on Wednesday, March 8, said:
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“Every decision of the Supreme Court is binding on everybody, including the government, its agencies and the President.
“The only thing is that nothing can be done if the President decides to disregard it because of his immunity, but he is bound by law."
Prof Sagay noted that the CBN, under the ambit of the law, does not need any directive from anyone, not even the president, before it obeys a court ruling.
He said:
“So, if the CBN has not yet directed banks to obey the Supreme Court decision, it means that the governor Godwin Emefiele is committing contempt of court and there could be consequences for that."
CBN Speaks as Banks Resume Paying Nigerians in Old Naira Notes, Customers Kick
Meanwhile, the Central Bank of Nigeria has spoken about banks paying customers in old naira notes.
There is confusion as to the validity of the old 1000 ad 500 banknotes as legal tender in Nigeria despite a Supreme Court order.
Banks have started paying customers with the old notes despite widespread rejection by the general public.
CBN Asks Banks to Obtain Customer's Permission Before Sharing Personal Data in New Operational Guidelines
In another development, the CBN has asked banks and other financial institutions not to share customers' data without their consent.
The bank disclosed this in a new set of operational guidelines released on Wednesday, March 8, 2023.
Per the statement, banks must obtain customers' authorisation before giving out their information to a third party.
Source: Legit.ng
