Wike reacts to Buhari’s ban of N500, N1,000 notes despite Supreme Court order 

Rivers State Governor Nyesom Wike on Thursday criticized President Muhammadu Buhari’s decision to ban old N500 and N1,000 notes, despite a Supreme Court ruling that three old banknotes should remain legal tender until the case is resolved.

Wike described the President’s announcement that old N200 notes will be valid for 60 days while old N500 and N1,000 notes will no longer be legal tender as “corporate interference” in a media chat after the President’s national broadcast on Thursday morning.

“The Supreme Court having given an interim order, we should have waited for it. As far as I am concerned, it is a corporate interference which is not good for our system, for our democracy,” the governor said.

Following complaints from many Nigerians, the Central Bank of Nigeria (CBN) extended the deadline for the swap of old N200, N500, and N1,000 notes from January 31 to February 10, but the Supreme Court ruled that the Federal Government, the CBN, and commercial banks must not continue with the deadline until the issue is resolved on February 22.

Recall that MOUTHPIECE NGR had earlier reported that Buhari, in a national broadcast on Thursday, directed the Central Bank of Nigeria (CBN) to allow old 200 naira notes to circulate alongside new N200, N500 and N1000 banknotes for 60 days. 

He stated that old N500 and N1000 bank notes are no longer tender in Nigeria. 

Wike responded that, while the naira redesign policy is aimed at some people, the timing and implementation were flawed.

The governor stated that he believed the President would have obeyed to the highest court of the land and not intervened.

The highest court of the land has made a pronouncement. The Supreme Court has said do not do anything that will affect the use of the old naira note.

“I feel that (the President’s declaration) is not the proper thing and I am not happy,” he said.

The governor of the Peoples Democratic Party (PDP) said the President’s advisers should have advised him to follow the Supreme Court’s order.

He said, “This also tells us how we do not respect or obey the rule of law. At this level, the advisers to Mr President would have said, ‘This issue is subject to litigation and any step you take will one way or the other affect the Supreme Court’s (stance)’.”