The Presidency has declared that the Central Bank of Nigeria (CBN) has no reason not to comply with the order of the Supreme Court on naira policy.
The Presidency stated that President Muhammadu Buhari cannot be blamed for CBN’s failure to enforce the orders on the excuse of waiting for directives from the President.
The Supreme Court in its judgement had declared that the old N200, N500 and N1,000 notes remain legal tender till December 31, 2023.
The nation’s apex bank also invalidated the CBN cashless policy.
But since the judgement was delivered no official position from the Federal Government and or the CBN.
There is confusion in the land over the cash crunch with businesses rejecting the old notes.
But the Presidency in a statement on Monday, March 13, stated that it has not instructed the Attorney General of the Federation and CBN Governor to disregard the court order.
The statement issued by Garba Shehu, Senior Special Assistant to the President (Media & Publicity), states that: “It is therefore wide off the mark to blame the President for the current controversy over the cash scarcity, despite the Supreme Court judgement. The CBN has no reason not to comply with court orders on the excuse of waiting for directives from the President.
“President Buhari has also rejected the impression that he lacks compassion, saying that “no government in our recent history has introduced policies to help economically marginalised and vulnerable groups like the present administration.”
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The Presidential spokesman said that at no time did Buhari instruct the Attorney General and the CBN Governor to disobey any court orders involving the government and other parties.
According to him, “Following the ongoing intense debate about the compliance concerning the legality of the old currency notes, the Presidency therefore wishes to state clearly that President Buhari has not done anything knowingly and deliberately to interfere with or obstruct the administration of justice.
“The President is not a micromanager and will not, therefore, stop the Attorney General and the CBN Governor from performing the details of their duties in accordance with the law. In any case, it is debatable at this time if there is proof of wilful denial by the two of them on the orders of the apex court.
“The directive of the President, following the meeting of the Council of State is that the bank must make available for circulation all the money that is needed and nothing has happened to change the position.
“It is an established fact that the President is an absolute respecter of judicial process and the authority of the courts. He has done nothing in the last eight or so years to act in any way to obstruct the administration of justice, cause lack of confidence in the administration of justice, or otherwise interfere or corrupt the courts and there is no reason whatsoever that he should do so now when he is getting ready to leave office.
“The negative campaign and personalised attacks against the President by the opposition and all manner of commentators is unfair and unjust, as no court order at any level has been issued or directed at him.
“As for the cashless system the CBN is determined to put in place, it is a known fact that many of the country’s citizens who bear the brunt of the sufferings, surprisingly support the policy as they believe that the action would cut corruption, fight terrorism, build an environment of honesty and reinforce the incorruptible leadership of the President.”
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