The Attorney Generals, AG, of some of the states of the Federation and Abuja, the Federal Capital Territory ,FCT, appear set to continue the Legal battle with Abubakar Malami, minister of Justice and Attorney General of the Federation, AGF, over the naira swap policy. Already more than 10 state governments, including Kano are at the Supreme Court over the matter.
The CBN, may have cued into President Muhammadu Buhari’s directive that the old N200, Note, should be allowed to co-exist alongside the newly redesigned N200,N500 and N100 Notes, leaving out the old N500 and N1000 Notes. Indded, those hoarding the old CBN N500 and N1000 Notes may have known that the Katsina state born Nigerian President will not reverse the decision that they may have been instrumental for the fake news making the rounds that the Nigerian President has given a counter-order to the CBN, to receive the old N500 and N1000 that had had earlier been turned as legal tender.
The unidentified Group had given the impression that Godwin Emefiele, led CBN, has ordered the banks to accept the old N500 and N1000 Notes with immediate effect. The group claimed that the bank had pegged the maximum amount the banks can collect from customers at N500,000.00.
Unknown to many, the alleged CBN, message was fak as le, to further throw the country into chaos, with the intention to truncate the 2023, general elections. Osita Nwanisobi, the apex bank, Director of Communications at the instance of Emefiele, the CBN, governor, had debunked the claim of the mischief makers.
Nwasinobi, the apex bank spokesperson, was said to have made it clear to Nigerians, that the bank has not not authorized the Money Deposit Banks, MDB, or any of its acredited Super agents across the country to collected the old N500 and N1000, Notes, which have ceased to legal tenders. He noted that President’s Muhammadu Buhari’s nationwide broadcast on Thursday, February 16, 2023, on the issue was very clear and does not require any explananation.
The Katsina state born Nigerian President has directed the CBN Authorities to allo on the matter.w only the N200 old Note to circulate alongside the newly designed N200, N500 and N1000 , Note as legal tender between February 16, 2023 to April 16, 2023, an interval of 60 days. It was not surprising why the bank has called on ‘’members of the public to disregard any such message or info rmation not formally released from the regulatory body.
Appealing to Media PR actioners to verify their information before going to the press, the CBN, Director of Communications, disclosed that it is the only way to stop giving prominence to fake news. The ruling APC , state governors appear to be the main opposition party to the Federal government naira redesign policy, with the arrowhead being Nasir El-Rufai, a former minister of FCT, during Olusegun Obasanjo’s Administration and now governor of Kaduna state.
Mohammed Badru Abubakar, governor of Jigawa state , may have opened the floodgate, 1to resist the FG, directive that hat the old N500 and N1000, had ceased to be legal tenders in Nigeria , with effect from February 10, 2023, excluding the N200 Note , which will still be circulation till April 16, 2023.The Jigawa state governor was said to have ordered all the Commercial banks operating in the state, corporate organisations,ministries, agencies, traders and Commercial bus drivers not to reject the old N500 and N1000 CBN , Notes.He was said to have made it clear to the people of the state thata anyone who rejects the old N500 and N1000 Notes, will face sanctions from the state government.
Even Abdullahi Umar Gandunje, governor of Kano state, has issued a stern warning to banks operating in the state, threatening ‘’ to destroy any bank that refuses to collect the old N500 or N1000 Notes’’. The governor many have sent a signal to Emefiele , the CBN, governor, that the state government governments ae ready to slug it out with the apex bank , when he declared that the state government will not ‘’tolerate any disobedience from any financial institution within its jurisdiction’’. The governor may have put feas on the MDB, when he said that the space allocated to the banks to do their business in the state would be used for building schools, hat will provide quality education to the children.
Abba Anwar, Chief Press Secretary, CPS, to Gandunje, may have shocked Nigerians, when he said that ‘’the governor is not making an empty threat’’, noting that the government has the power to take such measures, if it is in the interest of the people. The CPS, has made it clear to those that cares to listen that the Kano state governor is determined ‘’to ensure that the people of the state do not suffer undue hardship as a result of the CBN, cashless policy.
Dapo Abiodun, governor of the south west state of Ogun, had said on Friday, February 17, 2023, that the old N500 and N1000 Notes, will remain to be legal tender in the state, threatening ‘’to sanction Commercial banks and business outlets rejecting the old Notes.
Addressing a crowd of bank customers during his re-election campaign in Obafemi/Owode Local Government Area who are having difficult time accessing their funds, he has gladdened their heart when he said that ‘’any bank that does not collect the old N500 and N1000 Notes will be shut down and certificate of occupancy revoked.
The state governors that had insisted that the N500 and N100 bank Notes, must still be in use in their respective states despite the Presidential directive that only the old the old N200 Note should be in circulation, was because of the subsisting Supreme Court order that clearly states that ‘’the status quo should be maintained in this matter until that order is vacated or determined. The Court had said that anybody that does otherwise is acting against the position of the Court, which the Nigerian President and the CBN, have done.
Fears are being expressed in both official quarters that many banks and other financial Institution may be shut down because of the threat of sanctions by some of the state governors if they continue to reject the old N500 and N100 Notes.