Nigerians have not yet had access to the old and new Naira notes days after the Supreme Court’s decision to overturn the CBN’s order to stop accepting them as legal tender as of February 10.
The News Agency of Nigeria (NAN) reports that despite residents spending hours in line at ATMs and points of sale, Deposit Money Banks (DMBs) in Abuja are yet to demonstrate compliance.
The use of specific denominations of old Naira notes as legal money till December 31 was approved by the Supreme Court on Friday.
The old and new notes, including the N20, N50, and N100 notes that weren’t redesigned, weren’t there when some DMB branches in Abuja were visited.
The bank has not begun paying out the old notes since the CBN has not issued an instruction, according to a bank official who asked to remain anonymous and spoke to NAN.
The official claims that we do not even have old notes to give to clients and that the CBN has not started distributing the notes.
NAN’s findings showed that the Federal Government’s apparent non-compliance was caused by its inability to obtain the Certified True Copy (CTC) of the apex court’s ruling.
A Federal Ministry of Justice employee who requested anonymity said that before the government can order the CBN to obey the ruling, it must first collect the CTC.
He claimed that efforts were being made to acquire the Supreme Court’s ruling.
NAN cites the Supreme Court’s decision to nullify the Naira redesign policy as a result of the lack of proper consultation and compliance with constitutional requirements.
As a result, the top court mandated that the old and new Naira notes be used concurrently until December 31.
The court determined that the Federal Government’s three-month deadline was also in conflict with the CBN Act.