The Central bank Governor Godwin Emefile has rejected the ruling of the supreme court banning the FG and the CBN from the full implementation of the New Naira Notes Policy.
The supreme court in response to an expertee motion filed by Kaduna, Kogi and Zamfara State Governments has restrained the CBN from banning the use of the old Naira Notes pending the hearing of the substantive case before the supreme court.
But in an outright violation of the supreme court oder banks and other financial institutions have started rejecting the old notes claiming there was an oder from the CBN stopping them from accepting the old notes.
This is an outright violation of a court oder which is punishable under our laws.
It could be recalled that Kano and Ondo States have indicated interest to join in the suit bringing the number of States challenging the decision by the FG to ban the use of the old notes on February 10th.
Similarly the world bank and the Council of states have advised the federal Government to allow the use of both old and new notes pending when the central bank will be able to ensure sufficient supply of the new notes.
Likewise the international monetary fund has advised the Federal Government to consider extending the timeline for the collection of the old notes due to the limited supply of the new notes.
But in an outright violation the Federal Government through the CBN has ignored all these calls and have issued a circular to banks to stop accepting the old notes, despite the absence of the new notes both in the banks and on the streets.
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