Lagos State Attorney- General and Commissioner for Justice, Mr. Moyosore Onigbanjo (SAN), has joined the debate, saying the rejection of the old notes is contrary to the Supreme Court’s stand.
Recall that President Muhamadu Buhari had announced yesterday that the CBN would allow banks to circulate the old N200 notes until April 10. This is contrary to the Supreme Court’s position that the old and new notes should co-exist until the substantive matter, which will be heard on February 22, was heard. However, Onigbanjo stated this when he appeared on TVC Business Show, said petrol stations, banks and others who reject the old notes could be prosecuted.
He said: “There is a contract between a customer and a bank that says when you bring your money to us you can have it back on demand. “Any bank that refuses to give the money on demand has violated the terms and conditions of that contract and can be sued.”
