Emefiele Bows To Pressure: As CBN Declares Old N200, N500 and N1000 Notes Legal Tender

Governor of Central Bank of Nigeria (CBN), Godwin Emefiele, has finally obeyed Supreme Court's verdict on naira redesign policy.

The apex bank has officially declared the old N200, N500 and N1000 notes remain legal tender till 31 December, 2023.

Isa Abdulmumin, the spokesperson of the apex bank, announced the change of stance by CBN in a statement on Monday.

The u-turn by the apex bank followed about two months of harrowing pains and agonies Nigerians were made to go through following the naira redesign policy introduced by the CBN.

Abdulmumin, in a two-paragraph statement, stated that the decision to recognise the affected old naira denominations was in compliance with the judgment of the Supreme Court, asking the CBN to retain the old notes as legal tender till the end of the year.

He consequently directed Deposit Money Banks (the commercial banks) across the country to comply with the apex court ruling of 3 March, 2023.

The CBN, however, further stated that the old N200, N500 and N1000 notes remained legal tenders, alongside the redesigned notes till the end of the year.

“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterised the government of President Muhammadu Buhari, and by extension, the operations of the CBN, as a regulator, Deposit Money Banks operating in Nigeria have been directed to comply with the Supreme Court ruling of March 3, 2023.”

“Accordingly, the CBN met with the Bankers’ Committee and has directed that the old N200, N500 and N1000 banknotes remain legal tender alongside the redesigned banknotes till December 31, 2023.

“Consequently, all concerned are directed to conform accordingly,” the CBN spokesperson stated in the short statement.

The Supreme Court had, two weeks ago, invalidated the naira redesign policy introduced by the CBN, citing defective timing and implementation.

Delivering judgment in a suit instituted by three states of the federation, a seven-member panel of the apex court held that the old N200, N500 and N1000 notes remain legal tender until the end of the year.

This was after 16 states of the Federation instituted a suit to challenge the legality or otherwise of the introduction of the policy.

The 16 states, led by Kaduna, Kogi and Zamfara, had prayed the apex court to void and set aside the policy on the ground that it was inflicting hardships on innocent Nigerians.

The apex-court subsequently ruled that President Muhammadu Buhari’s disobedience of its 8 February order was reflective of dictatorship.

It also averred that the president breached the Nigerian Constitution (as amended) by single-handedly issuing directives to the CBN to re-design the Naira without consulting with the federating states.

The apex court also declared as illegal the directive, on 16 February, by the Presidency that the old N500 and N1000 notes remained banned and stating that only the old N200 notes remained the legal tender till April 20.

However, the CBN Management, under Emefiele, choose to ignore the ruling by the Supreme Court, thus throwing bank customers and Nigerians into confusion, sufferings and pains.

In the midst of the confusion and sufferings, the state governors had given the CBN up till tomorrow (Tuesday) as the deadline to recognise the old N500 and N1000 notes as legal tender, alongside the redesigned denominations.

Court Jails Yobe Auditor General Five Years For Fraud

Alhaji Idris Yahaya, the Auditor General for Local Government, Yobe State, is to spend five years in prison, following his conviction today, Monday, March 13, 2023, by Justice Muhammad Lawu Lawan of the Yobe State High Court.

He was convicted after being pronounced guilty of a one count of criminal misappropriation to the tune of Nineteen Million, Nine Hundred Thousand Naira (N19, 900,000.00) preferred against them by the Maiduguri Zonal Command of the Economic and Financial Crimes Commission, EFCC.

Yahaya received funds from the Office of the Auditor General for Local Government and Emirate Affairs, Yobe State, for the purchase of an official vehicle, a 2015 Toyota Corolla, and diverted part of the money to his personal use.

The  one count charge reads: ''That you, Yahaya Lawal Idris, being the Auditor General for Local Government, Yobe State, between the 20th to 21st day of May, 2017 at Damaturu, Yobe State within the jurisdiction of this Honourable Court, received the sum of N19,900,000.00 via your personal account number 1001480930 with account name Alhaji Yahaya Idris domiciled in United Bank for Africa Plc (UBA) from the Local Government Audit Account Number 5030030060 domiciled in Fidelity Bank Plc for the purchase of a brand new Toyota Corolla 2015 Model, did dishonestly misappropriated the gross sum of N10,100,000.00 (Ten Million, One Hundred Thousand Naira) only.”

The convict who was first arraigned on Wednesday, November 9, 2022, had pleaded not guilty to the charges, setting the stage for his full trial. In the course of the trial, counsel for the EFCC, Mukhtar Ali Ahmed called four witnesses and tendered documents which were admitted in evidence.

Delivering judgment today, Justice Lawan held that the prosecution has proved the case against the defendant and convicted him as charged. He consequently sentenced him to 5 years imprisonment with an option of fine.

The Judge further directed the convict to pay the sum of N10, 100,000.00 (Ten Million, One Hundred Thousand Naira) in restitution to Yobe State Government through the EFCC or serve additional two years in prison.

CBN Approves Use Of Old Naira Notes

The Governor of Anambra State, Prof Charles Soludo confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits.

Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.

He explained that the Governor of CBN, Godwin Emefiele gave the directive at a Banker’s Committee meeting on Sunday.

He added that Emefiele personally confirmed the directive to him.

According to him, residents should report banks refusing to accept the old notes.

“Commercial banks have been directed by the Central Bank to dispense old currency notes and also to receive the same deposits from customers. Tellers at commercial banks are to generate the codes for deposits, and there is no limit to the number of times an individual or company can make deposits.

“The Governor of the CBN gave the directive at a Bankers’ Committee meeting held on Sunday, 12th March 2023. The Governor, Dr Godwin Emefiele, personally confirmed the above to me during a phone conversation on Sunday night. Residents of Anambra are therefore advised to freely accept and transact their businesses with the old currency notes (N200, N500; and N1,000) and the new notes”, the statement contained.