Old notes: Emefiele in contempt for not directing banks

Central Bank of Nigeria (CBN) Governor Godwin Emefiele is in contempt if he has not issued a directive to banks to pay and accept old N1,000 and N500 notes as ordered by the Supreme Court, an eminent professor of law Itse Sagay (SAN) said yesterday.

The Supreme Court last Friday held that the old N200, N500 and N1,000 notes would remain legal tender until December 31 and co-exist with the new ones.

Speaking at a media parley in Lagos on the activities of the Presidential Advisory Committee Against Corruption (PACAC), which he chairs, Prof Sagay restated that every Supreme Court order is binding on all.

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