New Crisis Arising For Emefiele, Following The Refusal To Accept Old Notes After The Supreme Court Judegment

Godwin Emefiele, the governor of the Central Bank of Nigeria (CBN), has been accused of committing the crime of contempt for his failure to obey the rulings of the supreme court.

The supreme court had earlier announced that the old N200, N500 and N1,000 notes would remain legal tender until December 31 and coincide with the new ones.

 

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Following the order issued by the supreme court or apex court, Governor Emefiele is yet to instruct banks to begin to accept and pay customers the old notes. 

According to Kayode Ajulo, a constitutional Lawyer, he said that any attempt by the Central Bank of Nigeria, CBN, to disobey the Supreme Court judgment on the legality of the old N200, N500 and N1,000 will amount to a treasonable felony.

The Central Bank of Nigeria (CBN) is expected to respond to the supreme Court’s ruling that the old N200, N500, N1,000 notes, due to phased out, should remain Legal tender until December 31, 2023.