Suspended Governor of the Central Bank of Nigeria, Godwin Emefiele
Central Bank of Nigeria (CBN) Governor Godwin Emefiele is in contempt if he has not issued a directive to banks to pay and accept old N1,000 and N500 notes as ordered by the Supreme Court, eminent professor of law Itse Sagay (SAN) said yesterday.
The Supreme Court last Friday held that the old N200, N500 and N1,000 notes would remain legal tender until December 31 and co-exist with the new ones.
“The only thing is that nothing can be done if the President decides to disregard it because of his immunity, but he is bound by law.
“The CBN does not need anyone to give it instructions to obey a judgment because it is an agency of the Federal Government.
“So, if the CBN has not yet directed banks to obey the Supreme Court decision, it means that the governor Godwin Emefiele is committing contempt of court and there could be consequences for that.
“We hear there is a level of obedience by some banks that are paying and accepting the old notes, so hopeful the level of compliance will increase.
The Nation
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