Naira Scarcity: Emefiele In Contempt For Silence On Supreme Court Order – Sagay

The Chairman of the Presidential Advisory Committee Against Corruption (PACAC), Itse Sagay (SAN) has said the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele is in contempt for his silence over the ruling of the Supreme Court.

Naija News reported last week Friday that the apex court nullified the federal government’s naira redesigned policy while insisting that the old N200, N500 and ₦1,000 notes would remain legal tender until December 31 and co-exist with the new ones.

However, the apex bank has been silent over the court’s directive since last, a development that has stirred confusion within banks and among Nigerians.

But the eminent professor of law at a media parley in Lagos on the activities of PACAC said the CBN boss is in contempt if he is yet to issue directives to banks to pay and accept old ₦1,000 and N500 notes as ordered by the Supreme Court.

Sagay said “Every decision of the Supreme Court is binding on everybody, including the government, its agencies and the President.

“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.

“But, everybody is bound by the judgment, including the Attorney-General of the Federation. He is bound by the judgment.”