Days after the Supreme Court’s ruling on the Central Bank of Nigeria (CBN) policy on the use of the old Naira notes, business operators in the Federal Capital Territory (FCT), Abuja and its environs wait anxiously for President Muhammadu Buhari pronouncement on the issue.
On March 3, the apex court voided the directive by the President that only the old N200 notes should be allowed to continue to circulate as legal tenders after the extended deadline approved by the Central Bank of Nigeria (CBN) under the Naira redesign policy.
Under the policy, the CBN decided to redesign and reissue the N200, N500 and N1000 denominations of the national currency.
On January 31, at the expiration of the initial 90 days deadline set by the CBN for the old notes to remain legal tenders, an extension was approved till February 10 as the supply of the new notes became scarce.
On February 3, following, the governors of Kaduna, Kogi and Zamfara States approached the Supreme Court to seek for another extension.
In his response, apart from the approval for additional extension, President Buhari also authorised for only N200 old notes to continue circulating as legal tenders till February 15.
On February 22, a seven-member panel of the Supreme Court led by John Okoro heard the case by the three state governments, but reserved final judgment till March 3.
On March 3, the Supreme Court in a unanimous verdict voided the directives by President Buhari and declared that the old N200, N500 and N1000 notes remained legal tender till December 31.
Despite the Supreme Court ruling, the crisis experienced after the January 31 deadline with the scarcity of the new notes across the country, the situation is yet to improve.
But the situation has since worsened, as the scarcity has persisted, as businesses refused to do business with the N500 and N1000 notes pending a formal statement by President Buhari on the Supreme Court ruling.
The CBN, which is answerable only to the President on monetary policy issues, has not issued an official statement, thereby fuelling the uncertainty over whether the banks and businesses should continue to receive the old notes.
The business operators argue that their decision to reject the old notes was as a result of the controversy that followed a previous Supreme Court order that was not obeyed by the CBN.
“I was hopeful that Buhari or the CBN Governor, Godwin Emefiele, would speak within the week to ease the tension by declaring whether Nigerians should go ahead and accept the old notes,” a taxi driver, Abubakar Umar, said.
Umar said until such a declaration was made, he would insist on being paid with only the new N500 and N1000 notes.
On her part, a petty trader, simply identified as Madam Uloma, said she would not accept the old notes until she hears from the President and the CBN.
Uloma said she would not want to go through the stress of the last few weeks when the old notes were declared invalid by the CBN.
A resident of the FCT, Fred Oyibo, said he was excited when the pronouncement validating the use of the old notes was made by the Supreme Court.
He expressed disappointment over his inability to use the old notes he had, adding that business operators were still rejecting them in spite of the ruling.
“I have about N3000 of the old N1000 notes with me. I felt elated when the court gave the ruling for the old notes to continue to be in circulation till December 31. But to my dismay the money was rejected when I went out to buy a few items.
“I tried informing them that the ban had been lifted by the Supreme Court and they asked if the CBN had spoken.
“I further tried to educate them that once the Supreme Court gives a ruling, everyone was bound by it. But they insisted on hearing from the Executive before taking any action. “At that point, I got discouraged and went back home. As I speak with you, I still have the money with me,” he lamented. (NAN)
