There will be an announcement about the president’s position on the expiration of the old naira notes today.

Three state governments—Zamfara, Kaduna, and Kogi—had petitioned the Supreme Court to prevent the CBN from removing the old N200, N500, and N1000 notes from circulation.

Until the issue is heard on February 15, the court has ruled that the federal government cannot enforce the February 10 deadline for the validity of the old naira notes.

The federal government had earlier said they would comply with the supreme court’s order, as stated by Attorney General Abubakar Malami.

Godwin Emefiele, governor of CBN, persisted on the deadline despite a court injunction to the contrary.

“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents,” Emefiele had said.

Financial institutions including banks, filling stations, supermarkets, and other business owners have also continued to reject the old naira notes.

But Garba Shehu, presidential spokesman, in a statement on Tuesday, said it was untrue that the government took a preemptive action on the legality of the old naira notes.

“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.

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

YNaija