Old naira notes

A seven-member panel of the Court led by John Okoro unanimously directed that the CBN must continue to receive the old Naira notes.

Good journalism costs a lot of money. Five days later, the court issued an interim order suspending the implementation of the deadline set by the federal government, and directed that the old and new Naira notes should continue to circulate pending the resolution of the case. Unmoved by the court’s order, the CBN insisted that the old notes had stopped being legal tender after the 8 February deadline while the scarcity of the new notes persisted. “It is not in doubt that the President refused to comply with the order of the court that the old 200, 500, and 1,000 naira notes should continue to be legal tender,” the court said. The court held that the directive of President Muhammadu Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation is invalid. Emmanuel Agim, a member of the panel, who read the lead judgement, also condemned the President’s disobedience of the court’s 8 February order that the old N200, N500, and N1,000 notes should continue to circulate alongside the new ones.

The apex court also nullified the Federal Government's naira redesign policy, declaring it as an affront to the 1999 Constitution. The Supreme Court delivered ...

The 16 states now on the list of plaintiffs include: the original plaintiffs – Kaduna, Kogi, Zamfara – and the seven that were joined on 15 February – Cross River, Sokoto, Lagos, Ogun, Katsina, Ondo, and Ekiti states. The rest are the six others that were joined on Wednesday – Nasarawa, Niger, Kano, Jigawa, Rivers and Abia states. They accused President Muhammadu Buhari of usurping the function of the Central Bank of Nigeria (CBN) in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.

Besides the apex court argued that president Buhari usurped the powers of the CBN when he issued the directive banning the old naira notes of N1,000, N500 and ...

The apex court declared the policy invalid on the grounds that it was not done with due consultation and in line with constitutional provisions. To this extent the apex court ordered that the old naira notes shall continue to be used side by side with the new naira notes till December 31, 2023. The Supreme Court has declared as invalid the directive as well as the implementation of the Naira redesign policy of the federal government.

The Supreme Court on Friday ordered that the old naira notes must remain in circulation till December 31 this year. The apex court ordered the Central.

The apex court ordered the Central Bank of Nigeria CBN to allow both the old naira notes and the new ones to circulate side by side till the end of the year. The apex court took a swipe at President Buhari for disobeying its interim order of February 8 to the effect that the old naira is allowed to be in circulation. The Supreme Court on Friday ordered that the old naira notes must remain in circulation till December 31 this year.

The Supreme Court rules that the old N200, N500, and N1,000 notes remain valid and should be in circulation till December 31, 2023.

The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship. The court also held that the policy has led to some people engaging in trade by barter in this modern age, in a bid to survive. The apex court further held that President Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.

The supreme court has invalidated the naira redesign policy introduced by the Central Bank of Nigeria (CBN). The court made the declaration on Friday while ...

On this note, Legal Analyst, Chinwe Izegbu said”Our descendants will be referring today… She then stated that Section 1, subsection 1 of the constitution states that the Nigerian Constitution is supreme and that other provisions of the law that are inconsistent with the provisions of the Nigerian Constitution will be void and nullified. In the judgement delivered by Justice Emmanuel Agim, a seven member panel said that the Nigerian government had acted in breach of the constitution by going ahead with the policy without consultations with the State government and other stakeholders, and held that the old N200, N500 and N1000 remain valid legal tender until 31 December 2023.

The policy led to a nationwide shortage of cash, with people sleeping outside banks.

It said there was nothing to show that President Buhari's directive for the release of old 200 naira notes until 10 April was implemented. Many suspected that the policy was also targeted at politicians involved in vote-buying during elections. People were initially given until the end of January to hand in all their old notes, although this had previously been extended amid the chaotic scenes.

The Supreme Court faulted the naira redesign policy by the Central Bank of Nigeria (CBN), declaring the naira notes swap implementation invalid and an ...

The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. More than 10 states have joined the suit. 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.

*Apex court: Buhari's disobedience of court order, a demonstration of autocracy. *El-Rufai, Gbajabiamila: It's victory for all.

Although this policy was designed to ensure that we did not give them the essential edge in the elections, we have won.” “Those that said we went to the court because of elections are wrong. It is a dispute between some states and the federation over the way and manner the federal government made a policy without the involvement of the national council of states,” Agim held. Thereafter, governors of Kaduna, Zamfara and Kogi states dragged the federal government and the CBN to the Supreme Court over the time limit, and the court gave an interim order suspending the February 10 deadline. The APC National Vice Chairman, North-west, Dr. This is a victory for Nigerians,” el-Rufai said. He said the House had faulted the implementation of the policy as it went contrary to the law establishing the CBN, and that the Supreme Court’s decision has validated the position of the House. “The CBN needs not be joined when its disclosed principal has been sued. “The other decision of the Supreme Court is that the policy of currency confiscation where you deposit money in the bank and the bank chooses what to give you is unlawful and illegal. The deadline was shifted to February 10 following difficulties obtaining the new notes. It has been held in many cases that an agent of a disclosed principal is not a necessary party. “The disobedience of the orders of the Court is a sign of the failure of rule of law”, the apex court held and subsequently granted all the reliefs sought by the plaintiffs.

He held that the unconstitutional use of powers by Buhari on Naira Re-designing has breached the fundamental rights of Nigerian citizens in various ways. The ...

The central bank will have to instruct banks to start collecting the old notes for there to be full compliance. However, as of Friday evening checks by Nairametrics reveal the apex bank was yet to react to the Supreme Court judgement. “There is, therefore, no need to consider any shift from the deadline of February 10.”

Governor Nyesom Wike of Rivers state has backed the Supreme Court judgement extending the validity of old N200, N500, and N1,000 notes till December 31, ...

He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria. All they do by the end of the month is to collect a high percentage and begin to do all kinds of things,” he said. “So, if you still have the old money, use it.