FCT residents commend CBN’s compliance with S/Court order on old Naira notes

Tue, Mar 14, 2023
By editor
3 MIN READ

Business

SOME residents in the Federal Capital Territory (FCT) have commended the Central Bank of Nigeria (CBN) over its compliance with the Supreme Court order on old Naira notes.

The residents, who spoke in separate interviews with the News Agency of Nigeria (NAN) on Tuesday in the territory, said the compliance was a step in a right direction to help cushion the hardship faced by Nigerians.

Accordingly, the CBN met with the Bankers‘Committee and has directed that the old N200, N500 and N1, 000 banknotes remain legal tender alongside the redesigned banknotes till Dec. 31.

The Supreme Court, had in the March 3 judgment ordered the Federal Government to accept the designed denominations of Naira notes as legal tender until Dec. 31.

However, neither President Muhammadu Buhari nor the CBN Governor, Godwin Emefiele, did not act on the ruling until when the presidency in a statement on Monday, absolved the presidency from non-compliance with the ruling.

Malam Garba Shehu, the Senior Special Assistant on Media and Publicity to the President, in a statement on Monday, said Buhari never told Emefiele and the Attorney-General of the Federation, Mr Abubakar Malami to defy any court order.

“The directive of the president following the meeting of the Council of State, is that the CBN must make available for circulation all money needed and nothing has happened to change the position, ” Shehu said.

However, according to the FCT residents, the compliance was a good decision as it would also afford some Nigerians, who are yet to open an account, the opportunity to do so seamlessly.

Reacting, Mr Emmanuel Nonso, a trader in Gwagwalada market said the compliance would give business owners an opportunity to open an account and have a POS machine for transactions.

“Even before now, we have no choice than to collect the old naira notes because we can’t afford to lose our customers, especially the perishable goods sellers among us.

“The development will give some traders, especially small businesses owners the opportunity to open an account and get a POS machine for transactions,” he said.

A motorcycle operator in Kuje Area Council, Mr Hassan Bell, said “we are happy with the decision because plenty passengers ask if we have POS or if we collect transfers.”

Mr Abraham Gado, another resident of Kuje said there was need for a National broadcast by Mr President to validate the compliance and install confidence on Nigerians.

Mrs Rosemary Adaji, a staff of Kwali Area Council, who hailed the compliance, said it would reduce tension and hardship faced by people in accessing the new naira notes.

A resident of Abaji Area Council, Mrs Eunice Madaki said that the decision was fair; adding that “so long they will make the money available in circulation to reduce the hardship.”

“It was difficult to access money from the commercial banks and POS operators, adding that some POS operators charge as high as N400 for N1000. (NAN)

KN

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