Scarcity Naira: Presidency Breaks Silence Over Supreme Court Orders on Old N500, N1000 Notes As Legal Tender

The Presidency Monday evening said the Central Bank of Nigeria had no reason not to comply with the ruling of the Supreme Court on the naira redesign policy.

According to a statement by the Senior Special Adviser on Media and Publicity to the President, Garba Shehu, the Presidency confirmed on Monday evening that the Central Bank of Nigeria had no valid reason to disregard the Supreme Court’s ruling on the naira redesign policy….Continue Reading

The statement also clarified that the President, Major General Muhammadu Buhari (retd.), did not direct the CBN Governor, Godwin Emefiele, and the Attorney-General of the Federation, Abubakar Malami, to disregard any court orders involving the government and other parties.

The statement is a reaction to public concerns that Buhari has not reacted to the Supreme Court ruling of March 3 which ordered that the old N200, N500 and N1,000 notes should continue to circulate alongside their redesigned counterparts as legal tender until December 31, 2023.