Presidency clarifies position of Buhari, CBN on Supreme Court order over naira swap deadline

As the Supreme Court convenes on Wednesday to rule on the substantive suit filed by some Nigerian governors on the cash swap policy of the Central Bank of Nigeria (CBN), the Presidency has clarified the position of the Federal Government, saying President Muhammadu Buhari and the Governor of the CBN will decide whether to obey any ruling by the apex bank.

In a statement issued on Tuesday night by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, the Presidency said the “position of the government and the CBN will be made known upon the determination of the suit.”

“We wish to state that it is not true that the federal government or the Central Bank of Nigeria, CBN, have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court,” Shehu said.

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Continuing, Shehu said:

“The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow (today).”

The Presidency also claimed that the CBN had not refused to obey an interim order by the Supreme Court to halt the deadline given for the old N200, N500 and N1,000 banknotes as legal tender as the apex bank was not a part of the summoning suit in the first place.

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