Supreme Court Stops CBN From Banning Old Naira Notes
In the latest development, the Supreme Court earlier today has temporarily stopped the move by the federal government to ban the use of the old naira notes from February 10, 2023.
A seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.
Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.
He stated that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land “.
While he referred to a Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.
CBN orders banks to start collecting old 500 & 1000 Notes
Sequel to the long queue being experienced at the Central Bank of Nigeria branches nationwide, the CBN has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.It however pegged the maximum amount the banks can collect at N500,000.The CBN maintained that the old currencies were still no more legal tender.A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office foll...
Reps ask CBN to extend deadline for old notes by 6 months, summon bank MDs
The Central Bank of Nigeria has been asked by the House of Representatives to extend the window for accepting old naira notes by six months.Additionally, the House decided to invite the CBN, a few managing directors from various banks, and others to inform the leadership of the House about the availability of the notes.The choice was made in response to a motion of urgent public importance made by Katsina State lawmaker Sada Soli.He claimed that because traders have...
CBN Will Honour Supreme Court Decision - AGF
Though he has already filed a case against the decision but the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, SAN, has said the Federal Government would comply with the order of the Supreme Court for the Central Bank of Nigeria, CBN, to suspend its scheduled deadline for the use of the old N200, N500 and N1000 banknotes.Malami, who had since filed a preliminary objection to challenge the apex court order, said the government would a...
Download Naijacrawl App today
Fastest way to read on the go
Download the Naijacrawl App.