AMILOADED MEDIA HUB NEWS UPDATE
The Coalition of the Youth’s Voice Movement (CYVM) has called on the Central Bank of Nigeria (CBN) to address the rejection of old naira notes by banks, traders, and transporters in the state, AMILOADED reports.
The CYVM urged the CBN to direct those rejecting the old naira notes to be accepting the old notes as legal tender in accordance to the Supreme Court order.
The group made the call in a statement signed by its President and Secretary, Comrade Adebisi Emmanuel Oluwaseun and Comrade Owolabi Hassan Tobest, on Sunday.
It also called on the Federal Government and CBN Governor, Godwin Emefiele, to address Nigerians on the old naira notes.
The Statement read, “A society becomes lawless where there is no justice or respect to the rule of law, Supreme Court as know as the apex court of law in the whole world but reverse is the case in our country Nigeria.
“Last Friday, the Supreme Court ruled that the Central Bank of Nigeria (CBN) must extend the use of old banknotes until 31 December due to the negative impact of the policy.
“A seven-member panel of the court, led by John Okoro, unanimously ordered the CBN to continue receiving the old notes from Nigerian citizens.
“The court also found that President Muhammadu Buhari’s directive to the CBN on the withdrawal of old notes and redesign of new banknotes without proper consultation was invalid.
“The CBN had last December introduced new N200, N500, and N1000 notes, which led to the withdrawal of the old notes from circulation. This policy resulted in widespread chaos across the country, with protests erupting in various regions as Nigerians faced difficulties doing business and making cash payments in daily transactions.
“After the Supreme Court delivered its judgment on the naira policy last Friday, some commercial banks in parts of the country on Monday resumed the issuance of the old N500 and N1000 notes to their customers. Analysts thought the development would bring relief to many Nigerians whose businesses have suffered because of their inability to access cash.
But since the Supreme Court gave its verdict on the case, neither the Central Bank of Nigeria (CBN) nor the Nigerian government has reacted to the new development.
“The silence of these key institutions has left many Nigerians confused about the implications of the ruling and how the uncertainty could impact the nation’s financial ecosystem.
“Despite lamenting the ripple effect of the cash crunch on their businesses, traders refused to accept the old Naira notes from customers.
“Many Nigerians this week faced difficulties making payments for goods and services as traders, motorists, and business owners refused to accept the old Naira notes in anticipation of an official approval from the Central Bank of Nigeria (CBN).
“In Osogbo the State capital of Osun State some banks load the old naira notes in their ATM but when people enter the banks to deposit the old naira notes they reject it.
“We hereby call on our dear governor His Excellency Sen. Nurudeen Ademola Adeleke Jackson to address the issues and call on the concern authorities banks, traders, artisans and transporters to be accepting the old naira notes as legal tender according to the Supreme Court ruled and also call on the federal government and CBN governor to publicly address Nigerians.
“Coalition of the youth’s voice movement as a concern citizens we want the state government to instruct the the law enforcement agencies to deal with anyone who fail to collect the old note and we also call on the banks to be accepting the old note since they load it on their ATM machine, we have called a town hall meeting on this issue but it seems the banks are acting above the law and we youth’s are also ready to confront them since they made us realise the judiciary is not working again.
“We are looking forward to hear a good response to our request within 72 hours, failing to address this we will match to the Central Bank in our state for confrontation,” the group said.
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