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Supreme Court Stunts CBN From Implementing Deadline on Old Naira Notes

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Oronsaye was discharged and acquitted of a money laundering charge.

Supreme Court Stunts CBN From Implementing Deadline on Old Naira Notes

old notes remain valid tender notes, according to the Apex court.

The Supreme Court of Nigeria has restrained the Federal Government from implementing the February 10 Deadline for the old naira notes to stop being legal tenders.

Three northern states — Kaduna, Kogi and Zamfara — had, in a motion ex-parte filed on February 3, by their lawyer, Abdul Hakeem Mustapha (SAN), prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.

In a unanimous ruling, a seven-man panel of the Supreme Court led by Justice John Okoro granted an interim injunction restraining the FG, CBN, and commercial banks from enforcing the February 1 deadline for the old 200, 500 and 1000 Naira notes from being a legal tender.

The court further held that the FG, CBN, and commercial banks must not continue with the deadline pending the conclusion of a notice regarding the issue on February 15. The old Naira notes remain legal tenders in Nigeria by this ruling.

 

RECENT UPDATE;

Consider extending old currency deadline: IMF

 

Supreme Court Stunts CBN From Implementing Deadline on Old Naira Notes

After the ruling, the lawyer to the three state governments, Mustaph, said Zamfara, Kogi, and Kaduna dragged the Federal Government and the apex bank to the highest court because the policy is causing hardship for Nigerians, especially those in the rural areas.

We invoke the Supreme Court’s original jurisdiction when there is a dispute between the state government and the Federal Government. It is one of the few occasions where the Supreme Court act as the original jurisdiction. So, we invoked the powers of the Supreme Court to hear this application,” the senior advocate said.

“The reason for it is that as well-intentioned as this policy of the Federal Government on this naira redesign, it is causing hardship all over the country. As we can all see, banks are being harassed, and Nigerians are suffering, especially the downtrodden; even in the urban area,s they are having difficulty, and it is more excruciating in the rural areas.

“So, the three state governments – Zamfara, Kaduna and Kogi deemed it fit for us to invoke the powers of the Supreme Court to intervene.”

 

Legal Battle on old Naira Notes

The pandemonium over the February 10 deadline for the validity of three old naira notes assumed another dimension on Monday as five political parties and three state governments began legal battles.

 


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