Anxiety as CBN keeps silent over Supreme Court judgement over old Naira notes

Anxiety as CBN keeps silent over Supreme Court judgement over old Naira notes

Hours after the Supreme Court ordered that old N200, N500 and N1,000 notes should remain legal tender in the country till December 31, the Central Bank of Nigeria (CBN) has refused to comment on the verdict of the apex court.

But an official of the apex bank was quoted by The Nation to have said that: “The CBN is a law abiding organisation that operates as an extension of the Executive arm of government”.

Asked if the Supreme Court order will truncate the CBN’s cashless policy, the official said “that is unlikely to happen since the policy has been in operation since 2012”.

Reacting to the Supreme Court order, Professor Uche Uwaleke of Nasarawa State University, advised the CBN “to comply with the ruling since it has come from the final court in the land.

“Doing so will help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy.”