Despite the Supreme Court ruling that old N500 and N1,000 notes are still legal tender, fuel stations, supermarkets and market women are still rejecting the old Naira notes.
Ripples Nigeria reported on Friday that the Supreme Court ruled the old banknotes remain legal till December 31, 2023, thereby, setting aside the February 10 deadline to phase them out.
The Supreme Court said the Naira redesign policy of the Central Bank of Nigeria (CBN) was an affront to the 1999 constitution of the country, hence, the old Naira notes remain legal for 10 months.
However, the ruling of the Supreme Court was not enough to convince Nigerians of the legality of the old Naira notes, as traders, filling stations and some neighbourhood supermarkets are still accepting only new Naira banknotes.
An attendant at MRS Filling Station in Alagbole, Ifo LGA, area of Ogun State, said the old money can’t be accepted yet because President Muhammadu Buhari hasn’t spoken.
During findings, our correspondent was told that the filling station was aware of the Supreme Court ruling, but the attendant said there’s a need for a confirmation from President Buhari.
Also at a supermarket in the Magodo area of Lagos State, the store’s management insisted on only receiving the redesigned naira notes, transfers or POS payments.
IgbereTV learnt that customers can only buy their fuel with the redesigned Naira notes or transfer.
Similarly, attendants at a retail station of Nigerian National Petroleum Company (NNPC) Limited and Oando also rejected the old notes.
Also, traders at the popular Mile 12 market in Lagos State, refused to collect the old notes, for fear that banks may not collect it from them. They also provided the option of bank transfer for payment on goods sold.
Their rejection of the old Naira notes despite the Supreme Court judgement followed President Buhari and the CBN’s history of giving opposing directives when the apex court rules.
On February 8, the Supreme Court ruled that the old currencies remain legal, however, the CBN said only the new Naira notes are legal.
A week after on February 15, the Supreme Court again declared that the old banknotes were still legal tender, the next day, President Buhari said only the N200 notes will not be recirculated, excluding the N500 and N1,000 notes from continuous usage.
Although, a legal practitioner at a law firm, Milestone Partners, Roland Aibangbee, had told Ripples Nigeria a week ago that, “restraining the FG from implementing the February 10 deadline is that Nigerians can continue to use the old naira notes as a valid legal tender, as though the deadline by the Central Bank of Nigerian (CBN) was never set.”
Aibangbee further stated, “The Supreme Court has given an order. If the CBN feels that the order is not binding on it and acts contrary to the order, Nigerians should still activate the legal means of punishing a person (natural or artificial) who disobeys an order of court.
