CBN remains silent on Supreme Court order

The Central Bank of Nigeria (CBN) has opted to remain silent after the Supreme Court ordered that old N200, N500 and N1,000 notes remain legal tender till December 31.

An official of the CBN, who agreed to speak to The Nation on the matter, said:”The CBN is a law abiding organisation that operates as an extension of the Executive arm of government”.

This means the CBN may have shifted the responsibility of speaking on the issue of naira redesign to the Federal Government.

Asked if the Supreme Court order will truncate the CBN’s cashless policy, the official said “that is unlikely to happen since the policy has been in operation since 2012”.

Reacting to the Supreme Court order, Professor Uche Uwaleke of Nasarawa State University, advised the CBN “to comply with the ruling since it has come from the final court in the land.

“Doing so will help revive economic activities and reduce the current difficulties being experienced by Nigerians on account of the policy.”

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