The Supreme Court has adjourned the case concerning old and new naira notes. - FOW 24 NEWS

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The Supreme Court has adjourned the case concerning old and new naira notes.

 


The Supreme Court has adjourned the case brought by state governments to challenge the Central Bank of Nigeria's naira redesign policy.

The Supreme Court postponed the case until Wednesday, February 22 to hear the consolidated suits filed by ten states.

The states of Kogi, Kaduna, and Zamfara petitioned the Supreme Court, requesting that the Central Bank of Nigeria (CBN) be stopped from enforcing the deadline.

The CBN had originally set January 31 as the deadline for outdated notes to be removed from circulation, but it was extended in response to public demand.

 

The Supreme Court ordered an interim injunction on Wednesday, February 8, prohibiting the Federal Government from terminating the acceptance of old Naira notes on the Friday, February 10, 2023 deadline.

Banks and several commercial service providers are refusing to accept old Naira notes in light of the court's injunction.

Meanwhile, the Central Bank of Nigeria said on Tuesday that old naira notes of 200, 500, and 1000 are no longer legal cash in the country as of Friday, February 10, 2023, notwithstanding the Supreme Court's judgment.

 

Haladu Idris Andaza, CBN Branch Controller in Bauchi, revealed the revelation while speaking to press.

"In the last 24 hours, we have been swamped with questions from various perspectives of the general public concerning our operational rules on the old currency notes, but there are so many questions here and there," Andaza added.

"So for the avoidance of doubt, we wish to announce explicitly that CBN is ready and is opened to receive all of those old notes depending on certain requirements and criteria. Customers are welcome to come to the bank and deposit, something they are unable to do at commercial banks because the money has ceased to be legal tender as of the 10th of this month.

"As a result, the CBN's management determined that those clients might breathe a sigh of relief by coming to CBN offices in all 36 states of the Federation, including the FCT, to deposit their money."

The Supreme Court has adjourned the case concerning old and new naira notes. Reviewed by FOW 24 News on February 15, 2023 Rating: 5   The Supreme Court has adjourned the case brought by state governments to challenge the Central Bank of Nigeria's naira redesign poli...

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