I don’t know what the CBN intends to achieve by not allowing banks to continue to accept deposit of the old notes. I thought that would have been allowed in order to ease the burden on those who still retain the notes.
The time limit given by the CBN for its own direct redemption of the notes is also unlawful having regard to section 20(3) of the CBN Act. Apart from that, I am not certain that the CBN has not unwittingly brought itself in conflict with the order of the Supreme Court restraining it from enforcing its declaration of a date on which the old notes would cease to be legal tender . As I have explained earlier, that order did not suspend or make void the declaration of the CBN that the old notes would cease to be legal tender from 10th of February. It however freezes any act in enforcement of the declaration.
Ordinarily, CBN didn’t need to do anything to enforce the declaration. It is a self executing declaration. It simply means that it became within the rights of any person to reject the old notes as from 10th February. However, stopping banks from receiving further deposit of the old notes and limiting a period within which the CBN would do so directly seem to me to be positive acts and therefore things done in enforcement of the declaration.
These measures therefore seem to me to be in direct conflict with the order of court. They constitute unnecessary bravado on the part of CBN.
Chuks Nwachuku
