Emefiele’s CBN may have bowed to the Supreme Court quietly
The Godwin Emefiele’s CBN may have covertly put its hands on its face over the lingering naira crunch that has almost paralysed economic activities in the country. The commercial banks now dispense the old naira notes.
Sahara Reporters said that commercial banks are issuing the old 200, 500 and 1000 naira notes. They have been complying with the Godwin Emefiele’s CBN instructions that old notes are no more legal tenders in the country.
They dare not defy the Central Bank of Nigeria which has refused to back out of its arrangements and policies. Then, the possible explanation for the current development is that Emefiele’s CBN has bowed to the Supreme Court that ruled over the matter few days ago.
The apex court had initially adjourned the case. Three governors of the All Progressives Congress including Nasir El-Rufai, Yahaya Bello and Bello Matawalle dragged the federal government and Emefiele’s CBN to court for banning the old naira notes.
Despite the initial interlocutory injunction which was supposed to restrain the apex bank, the the CBN still went on to enforce its policies. Whereas the new naira notes are scanty. Negligible few are in circulation for Nigerians to use for transactions.
Nigerians continued to groan in pains while their businesses, and social lives struggle to grow. The president, Muhammadu Buhari gave his full support to the Emefiele’s CBN. In fact, after the first ruling of the Supreme Court, Buhari addressed Nigerians over the matter.
While the citizens seem to have accepted their fate and be adjusting to the new cashless policies of the Central Bank of Nigeria, the Supreme Court of Nigeria came up with its final ruling on the case brought by the three APC governors.
As the last hope of the common man, the apex court didn’t shy away from its responsibility of protecting the interests of the common people in the country. It asked the Emefiele’s CBN to continue to accept the old notes till the end of 2023.
Normally, after the ruling, there ought to be some kind of statements from the bank to either accept or reject the ruling of the court. There is no room for appeal. But Buhari’s government has shown its contempt for the court and the law of the country.
There is no reaction. Of course, silence in this case may mean accepting the verdict of the Supreme Court. But why would Emefiele’s CBN be quiet? The silence isn’t golden as it affects every fabric of the country.
Who gave the commercial banks directive to accept and dispense the old notes? The banks can’t do things on their own without directives from the Central Bank of Nigeria. Does it mean the bank has covertly directed the commercial banks? It is the most likely situation.
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