Has CBN overruled the Supreme Court?
That’s the question every conscious Nigerian should ask at this moment: has CBN overruled the Supreme Court? That should give an answer to another round of frustration that Nigerians are passing through at this moment.
The council of state met last week ahead of the last deadline that the Central Bank of Nigeria set for the old naira notes. The council gave its view over the matter and at least Nigerians heaved a sigh of relief. They thought there would be an end to the scarcity of the naira notes.
Prior to the meeting of powerful elder statesmen, the apex court, the Supreme Court had ruled that banning the old notes of 200, 500 and 1,000 was wrong. Three governors of the All Progressives Congress had dragged the apex bank and the Federal Government before the court over the matter.
The Central Bank of Nigeria Governor, Mr. Godwin Emefiele was mum. He later went to the presidential villa to have a tete-a-tete with President Muhammadu Buhari. There was no press conference or address after the meeting. That was the first sign the Supreme Court ruling would not hold.
The president may snub the advice of the council of state. After all, the council is a mere advisory body. Its decision or resolution are not binding on the government. But the case of the Supreme Court is totally different.
The apex bank didn’t react at all and there has been no directive to the citizens over the lingering national issue. Has CBN overruled the Supreme Court? It’s quite confusing.
As at Monday, 13 February banks have stopped receiving old naira notes. They have started rejecting the notes from the customers. And at the same time, there is no much new naira notes in circulation at this moment. This makes it worrisome.
The commercial banks take instructions and orders from the Central Bank of Nigeria. They can’t do anything without guidelines from the bank. Has the bank instructed them to violate the order of the apex court? Has CBN overruled the Supreme Court? That question should bother everyone’s mind.
There may be no answer to the question immediately. But Nigerians should know that the apex court can’t help them. There is one common statement in Nigerian parlance: court is the last hope of common man. Is it true now?
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