The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami has said that the federal government will obey the supreme court ruling on the old naira notes which put on hold the Central Bank of Nigeria (CBN)’s policy on withdrawal of old naira notes.
By implication, the deadline of today, February 10, for the cessation of the circulation of the old notes has been shifted till further notice, or till a new order comes from the apex court.
Malami, however, said the federal government would take all necessary steps to set aside the interim order.
The Supreme Court had in a ruling on Wednesday suspended the CBN deadline for total withdrawal of old notes by today, February 10 and fixed February 15 for hearing on the matter.
Malami clarified that the federal government, out of its regard for the rule of law, would abide by the order of the apex court, even though it intended to challenge it and would do so within the provisions of the law.
The comments by the minister came as THISDAY gathered that the federal government had filed reasons before the Supreme Court as to why the suit by three states challenging the February 10 deadline fixed by the CBN for phasing out the old N1,000, N500, and N200 banknotes should be struck out.
As of today, February 10, the new notes are still difficult to come by. A trader at Agege, who spoke to Microsecondnews, said out of 20 people who came to purchase from her on Wednesday only three spent new notes. The remaining 17 spent old notes.
The trader said some of her colleagues did not even sight one new naira note all day.
The CBN on Thursday attributed the continued scarcity of new banknotes to hoarding in certain quarters.
It would be recalled that a seven-member panel of the apex court presided by Justice John Okoro had on Wednesday temporarily stopped the CBN from effecting the scheduled ban of old naira notes in N200, N500 and N1,000 denominations from February 10.
The order was issued during a ruling on an ex parte application brought by Kaduna, Kogi, and Zamfara States against the AGF.
They had asked the court to issue an interim injunction against the government, pending the hearing and determination of their suit challenging the naira redesign policy of the CBN.
The three states argued, among others, that the policy had brought an excruciating situation upon the country and unless the Supreme Court intervened timeously there might be anarchy in the country.
