CBN

Supreme Court on Wednesday ordered a suspension of the deadline for the swapping of old to new Naira notes by the Central Bank of Nigeria (CBN).

The states said the CBN policy is imposing a lot of hardship on Nigerians and insisted that the ten-day extension by the Federal Government is still insufficient to address the challenges of Nigerians swapping their old Naira notes for new ones. Kaduna, Zamfara, and Kogi State on Monday instituted a suit against the Federal Government at the Supreme Court over the scarcity of old and new Naira notes due to the CBN naira redesign policy. Supreme Court on Wednesday ordered a suspension of the deadline for the swapping of old to new Naira notes by the Central Bank of Nigeria (CBN).

The International Monetary Fund (IMF) has advised the Central Bank of Nigeria (CBN) to extend the February 10 deadline for the use of old...

[temporarily restrained](https://www.thecable.ng/breaking-supreme-court-restrains-fg-from-effecting-feb-10-deadline-on-old-naira-notes/amp) the federal government from banning the use of the old naira notes from February 10. The deadline for the validity of old naira notes was [International Monetary Fund](https://www.imf.org/en/home) (IMF) has advised the Central Bank of Nigeria (CBN) to extend the February 10 deadline for the use of old naira notes if the difficulties in getting new notes persist.

The News Agency of Nigeria (NAN) reports that a seven-member panel of the court, led by John Okoro, gave the order of interim injunction amid acute scarcity of ...

has been well acknowledged even by the Federal Government of Nigeria.” Good journalism costs a lot of money. He added that money deposit banks would continue to receive the old banknotes even after the deadline. The presidential candidate of the APC, Bola Tinubu, had also publicly criticised the policy during a campaign stop. The applicants, on 3 February, filed their application at the Supreme Court praying for an order to restrain the CBN from ending the use of the old currency notes on 10 February as threatened by the bank. [Central Bank of Nigeria](https://www.cbn.gov.ng/) (CBN) not to end the use of old naira notes on 10 February.

The Supreme Court on Wednesday restrained the Federal Government from implementing the Friday deadline for the currency swap.

Mahmood Yakubu, stated violence could affect the credibility of the elections, especially if the attacks were targeted at INEC facilities. Strengthening the CBN’s independence and establishing price stability as its primary objective is critical.” However, the Coalition of Northern Groups commended the Supreme Court ruling and called on the FG and the CBN to respect it. The group in a statement by its Spokesperson, Abdul-Azeez Suleiman, praised the state governors for standing on the side of the people. In his remarks, the Chairman of the Senate Committee on the INEC, Senator Kabiru Gaya, appealed to the INEC management and the authorities of the affected institutions to respect the rights of the students by cancelling any examination slated for the election period. In the letter to Buhari, the NGF said while the policy was intended to address the contradictions in the fiscal environment, poor execution of it would “hurt the economy and have a disproportionate impact on the most vulnerable.” While the IMF and World Bank backed the call for the extension of the deadline, the Attorney-General of the Federation, Abubakar Malami, on Wednesday asked the apex court to dismiss the suit filed by three northern state governments challenging the Friday deadline set by the CBN to end the legal tender status of the old naira notes. He urged the apex court to grant the application in the interest of justice and the welfare of Nigerians. The CBN said the aim was to boost the cashless policy and reduce the amount of cash outside the banking system. This happened as the 36 state governors in Nigeria asked the President to extend the deadline for the implementation of the naira swap policy. The court further held that the FG, the CBN and commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue on February 15. The IMF and the World Bank stated that the short timeframe for the currency was causing hardships in the country.

Katsina State governor, Aminu Bello Masari, has said that the Central Bank of Nigeria's (CBN's naira redesign policy is good but..

[FG okays N117bn for Oloibiri museum, N721m for Kano airport](https://dailytrust.com/fg-okays-n117bn-for-oloibiri-museum-n721m-for-kano-airport/) [How indigenisation policy encourages illegal mining in Nigeria – Prof. Okunola](https://dailytrust.com/how-indigenisation-policy-encourages-illegal-mining-in-nigeria-prof-okunola/) He urged the CBN to make the currency available, and for the deposit banks, he urged them to be circumspect in discharging their responsibilities.

Supreme Court of Nigeria don grant interim injunction to stop Nigeria goment from implementing di February 10 Deadline to stop using di old 200, ...

Dem also ask di court to make declaration say di three-month notice wey goment give and wey di CBN under di order of President of di Federal Republic of Nigeria tok, to stop di old note from being legal tender, dey against di provisions of Section 20(3) of di Central Bank of Nigeria Act 2007 wey say dem must to give reasonable notice and say limit no fit be outside di provision of Section 22(1) of the CBN Act 2007. All di seven-man panel of di Supreme Court wey Justice John Okoro lead, decide togeda say dem go grant interim injunction – temporary measure before dem go do di full hearing – to prevent di federal goment, CBN, commercial banks plus odas from implementing di 10 February, deadline for di old 200, 500 and 1000 Naira notes to stop being legal tender. Supreme Court of Nigeria don grant interim injunction to stop Nigeria goment from implementing di February 10 Deadline to stop using di old 200, 500 and 1000 naira notes as legal tender.

The Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, Michael Opeyemi Bamidele, on Wednesday declared the Central Bank of Nigeria,

“The INEC should do its best. We must understand the political economy of an electoral process. We thought those at the people they want to get at.

The Central Bank of Nigeria's Director of Development Finance, Philip Yusuf-Yila, has revealed that the Gombe State branch of the CBN has enough money in ...

“What we advise is that cash is a medium of exchange and it is not a medium of storage. What I’m seeing is that a lot of people are storing it and are not using to do business. “We are in Heritage Bank and you can see one ATM is not working and I’m quite displeased about it.

National Assembly Committee says the CBN is a threat to the 2023 elections through its badly implemented Naira redesign policy.

Our preparation is, however fraught with challenges, There is no doubt that violence and the threat of violence are major challenges to credible elections in 2023, Violence makes deployment for elections difficult, particularly where some of the attacks are targeted at INEC facilities, the electoral process and participants. We must understand the political economy of an electoral process. We thought those are the people they want to get at. He said the selectivity of cash withdrawal plan which INEC worked out with the CBN on Tuesday, was not assuring as far as smooth conduct of the elections was concerned. We must understand the political economy of an electoral process.”

The Director of the Development Finance Department of the CBN Directorate Headquarters, Mr Yusuf Philip-Yila, has directed the movement of an unspecified ...

A lot of people are storing it and not using it to trade, but once you only store it, the aim is defeated. “What we advise is that cash is a medium of exchange, it is not a medium or something to store. Please report to me or my staff if you see any bank doing that.

Dele Farotimi, a Public Affairs Analyst and a retired Lawyer has reacted to the Supreme Court ruling against the Central Bank of Nigeria, CBN, on the use.

Time is of the essence if they cannot get the election postponed, if the naira they have stocked at home, is it me and you that have stocked the naira? I believe that the CBN is completely correct, it should ignore this ruling, exparte order, I should say, and I would also say that those who ignored to go to the Court of Appeal and jumped straight up to the wonderful Supreme Court of Nigeria with its many wonderful decisions. It is in the public space, carelessly making it clear that they considered the policy to have been radical to their own political interest. “If you could recall, the governor of Kaduna [El-Rufai] was busy meeting with traders telling them not to worry about changing their notes that when the candidate of his party comes to power, the thing will be reversed. Faratimi said, “The subject is about jurisdiction and jurisdiction goes to the root of any power that the court might care to assume. “Now, when the CBN has acted even outside of its powers, it must necessarily be a party in a suit directed at its action or in action.

The interim Chairman of the Alliance on Surviving Covid-19 and Beyond (ASCAB), Femi Falana, in his latest communique has revealed why the Central Bank of ...

In view of the looming anarchy in the country we are compelled to draw the attention of the Central Bank Management of the rule of law to the case of Attorney-General of Lagos State v. “In a society where the rule of law prevails, self-help is not available to the executive or any arm of government. Emefiele was not a party to the suit he took advantage of the ex parte order to join the APC to contest the presidential primary of the APC before he was stopped by President Buhari. The reason adduced for the contemptuous disregard for the rule of law is that the Central Bank of Nigeria is not a party to the case of Attorney-General of Kaduna State & 2 Ors. Board of Central Bank of Nigeria (Suit No: HCIK/38/2022), where the Delta State High Court granted an ex parte order which restrained the Defendants from preventing the Governor of the Central Bank of Nigeria from seeking political offices pending the hearing and determination of the motion on notice in the case. It is pertinent to remind the Management of the Central Bank of the case of Nkwo Augustine Eddiego v.

The IMF has urged the CBN to extend the deadline for use of the old notes given the disruptions in trading activities occasioned by the scarcity of the new ...

The Alliance for Surviving COVID-19 and Beyond (ASCAB), a coalition of 70 labour and civil society organisations (CSOs), says the Central Bank of Nigeria ...

(Suit No: FCT/HC/GAR/CV/41/2022) the High Court of the Federal Capital Territory granted an injunction restraining the State Security Services from arresting, investigating and prosecuting Mr. “It is pertinent to remind the Management of the Central Bank of the case of Nkwo Augustine Eddiego v. “The reason adduced for the contemptuous disregard for the rule of law is that the Central Bank of Nigeria is not a party to the case of Attorney-General of Kaduna State & 2 Ors.