After the Supreme Court ordered that obsolete N200, N500, and N1,000 notes continue to be accepted as payment until December 31, the Central Bank of Nigeria (CBN) decided to maintain radio silence on the matter.
“The CBN is a law abiding organization that operates as an extension of the Executive arm of government,” said the official of the Central Bank of Nigeria (CBN) who agreed to speak to The Nation regarding the matter.
This indicates that the Central Bank of Nigeria (CBN) may have delegated to the Federal Government the responsibility of speaking on the issue of the redesign of the naira.
When the official was asked if the order from the Supreme Court would halt the cashless policy of the CBN, the official responded by saying “that is unlikely to happen since the policy has been in operation since 2012.”
Professor Uche Uwaleke of Nasarawa State University issued some advice to the Central Bank of Nigeria in response to the order issued by the Supreme Court. He advised the CBN to “comply with the ruling since it has come from the final court in the land.”
If this is done, it will help revive economic activities and reduce the current difficulties that Nigerians are experiencing as a result of the policy. [Citation needed]
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