Court stop CBN

BREAKING: Supreme Court Restrains CBN From Implementing Deadline For Old Naira Notes Validity ... The implication of this ruling is that the old N200, N500 and ...

The CBN had on October 26, 2022, announced its plan to redesign the three banknotes. It is one of the few occasions where the Supreme Court act as the original jurisdiction. “We invoke the original jurisdiction of the Supreme Court when there is a dispute between the state government and the Federal Government. As we can all see, banks are being harassed, Nigerians are suffering, especially the downtrodden, even in the urban areas they are having difficulty, but it is more excruciating in the rural areas. Whilst the Kaduna, Kogi and Zamfara governments dragged the Federal government before the Supreme Court, seeking an extension to the February 10 deadline, five political parties took the matter to the Federal Capital Territory (FCT) High Court and secured an order barring the Federal Government and the apex bank from any extension of the deadline. “So, the three state governments – Zamfara, Kaduna and Kogi deemed it fit for us to invoke the powers of the Supreme Court to intervene.”