- By Halimah Olamide
Despite Friday’s ruling of the Supreme Court that all denominations of the Naira shall remain legal tender until December 31, this year, investigations have shown that Nigerians are yet to obey the law and accept them.
NPO Reports correspondents found out that more than 24 hours after the apex court gave its ruling on Friday, traders, commercial motorcycle operators, public transporters, supermarkets and others are yet to come to terms with the new ruling.
The Supreme Court had on Friday ruled that all old Notes of N1000, N500, N200 should remain legal tender till the end of the year.
TheCentral Bank of Nigeria (CBN) announced in 2022 its redesign of 200, 500 and 1,000 naira notes. It said the old notes would stop being legal tenders by 31 January 2023.
However, the scarcity of the new notes had created financial chaos making the 31 January deadline impossible.
The CBN later got the approval of President Muhammadu Buhari to extend the legal tender status of the old notes till 10 February.
The crisis worsened on 3 February when three state governments – Kaduna, Kogi, and Zamfara – approached the Supreme Court for a reversal of the policy.
The court had issued an interim order suspending the implementation of the deadline set by the federal government, directed that the old and new notes should continue to circulate pending the resolution of the case.
However, the CBN insisted that the old notes had stopped being legal tender after the 10 February deadline while the scarcity of the new notes persisted.
On Friday, the Supreme Court said the `president took a unilateral decision to say only N200 notes would remain legal tender setting aside the decision of the apex court.
Investigations conducted on Friday (when the apex court gave its ruling) and Saturday 24 hours after showed that many traders are reluctant to transact businesses with the old notes.
A meat seller Wuse market Abuja, who identified herself as Koko Olumola told NPO Reports correspondent that he is not accepting the old notes because “the president has not spoken.”
At Farmers’ Market at Maitama, Abuja Saturday morning, one of the fruits sellers insisted on either transfer or new notes. A resident who had come to purchase groceries who identified herself as Mariam Mighdad, said,”I came here with the old notes I had at home with the belief that it would be accepted after hearing yesterday’s judgment of the supreme court. But it was rejected.”
In Lagos, a trader at Ogba Sunday Sunday Retail market said colleagues are yet to accept it because apart from the court ruling, they are yet to listen to any announcement by the president.
“We are waiting for directive. I am sure when the government is sure to see all Nigerians accept the old notes, the president who announced only the old N200 is acceptable would come back on air to tell us,” said Abienu Deborah, cosmetic merchant
It was not clear at press time if the presidency would issue any new directive to Nigerians to butress the Supreme Court decision on the matter.
A question seeking to know if the President would give a final directive after the court’s ruling from the Special Adviser, Media to the President Mr. Femi Adesina had not been responded to at press time.