Coalition fumes as commercial banks reject old Naira notes

The Coalition of South East Youth Leaders, COSEYL, has condemned the move by commercial banks in the country to reject old Naira notes.

Our correspondent earlier gathered that customers who intended to deposit their old Naira notes were turned back on Tuesday.

According to some officials, the decision followed a directive from the Central Bank of Nigeria, CBN.

Reacting, COSEYL in a statement issued by its President-General, Goodluck Ibem wondered why the CBN would give such a directive despite an order by the Supreme Court stopping the Federal Government from executing the February 10 deadline.

“The action by banks or anyone rejecting the old notes is an act of treason against the government and constitution of the Federal Republic of Nigeria.

“The Central Bank of Nigeria, CBN, act section 20 (3) made it clear that when there is an introduction of new notes, there should be no deadline for the acceptance of the old notes.

“The CBN Governor Mr. Godwin Emefiele confirmed it when he appeared before the Federal House of Representatives sub- Committee on Banking.

“It beats our imagination that the CBN Governor will ignore the judgement of the apex court and the CBN act upon which the apex bank was established.

“We demand that the CBN should obey the Supreme Court judgement and the CBN act that established it to avoid pitching the people against the government”, the statement reads in part