Economy

Old Naira Notes: Supreme Court Orders Circulation Till Dec 31st

By Web News 677

The Supreme Court on Friday ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023.

According to apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.

Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.

Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts.

The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.

The court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for a final verdict.

Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed today for the court to make its decision known on the suit.

The 16 states led by Kaduna, Kogi and Zamfara are praying the apex court to void and set aside the policy on the ground that, it is inflicting hardships on innocent Nigerians

They accused the President of usurping the function of the CBN in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.

Governor Nasir El-Rufai of Kaduna State and his Kogi State counterpart, Yahaya Bello were in court to witness the judgement on Friday. The two governors were also in court at the last hearing. Also, Zamfara State Governor, Bello Matawalle was in court on Friday.

Channels/Taiwo Akinola

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Economy

Don’t reject old naira notes before deadline – CBN warns

By Web News 618

By Dayo Adu

The Central Bank of Nigeria, CBN, has cautioned supermarkets and commercial outlets to desist from the indiscriminate rejection of old naira notes before the January 31st deadline.

The Branch Controller, CBN, Ibadan Zone, Mrs Olufolake Ogundero gave the caution in an interview with a Radio Nigeria correspondent.

Mrs Ogundero who frowned at some commercial outlets reportedly declining transactions with the old naira notes noted that the act violated the CBN cash policy as it remained a legal tender till the deadline date.

The apex bank chief explained that it had carried out sensitisation to the residents on the return of old naira notes across the zones of Oyo State to ensure that none is left out in the CBN policy.

Also speaking, a Deputy Director at the CBN in the zone, Mr Taiwo Oladimeji hinted that the apex bank had kick-started its cash swap initiative to enable the rural dwellers who have no bank account to exchange their old naira notes before the deadline.

Mr Oladimeji explained that designated agents were contracted and deployed to rural communities so as to meet the desires of targeted groups.

Dayo Adu

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