Breaking! Intrigues As S’Court Adjourns Hearing On Old Naira Notes To New Date

Related stories

Tinubu Names IBB’s Son, Top Experts to Lead Key Nigerian Agencies

By Abiola Olawale President Bola Ahmed Tinubu has appointed Muhammad...

2027: Labour Party Appoints Nenadi Usman as Interim National Chairperson 

By Abiola Olawale  Ahead of the 2027 general elections, the...

Why Oil Prices Could See a Significant Upside Shift

The 9th OPEC International Seminar was held in Vienna...

Presidency Announces Gov Umo Eno as APC Leader in Akwa Ibom, Sparks Reactions

By Abiola Olawale The Presidency has announced Governor Umo Eno...
  • Edo, Bayelsa Back FG As More States Join Suit

The Supreme Court of Nigeria on Wednesday, adjourned the case on the naira swap policy of the Central Bank of Nigeria (CBN) till Wednesday, February 22.

Nigeria’s apex court also refused to renew its order extending the time within which the old Naira notes should remain in circulation.

An earlier order issued last Wednesday elapses this Wednesday (today).

The apex court said the fixed date will be for hearing of the consolidated suits by 10 states.

It would be recalled that Zamfara, Kogi and Kaduna states had instituted the suit against the Federal Government and the CBN.

At the last hearing, the Court had temporarily banned the implementation of the February 10 deadline of the CBN from making the old N200, N500 and N1,000 notes legal tender.

Other states namely Niger, Kano, Ondo, Ekiti, Sokoto had also applied to be joined in the suit against the CBN and the Federal Government.

However, Edo and Bayelsa have asked to join the suit in favour of FG as co-respondents.

The New Diplomat had reported that Governor Nasir El-Rufai of Kaduna and his Kogi state colleague, Yahaya Bello were present at the premises of Supreme Court, to monitor the proceedings in the suit instituted by their states against the Federal Government on old Naira notes.

The New Diplomat reports the February 22 new date given for the hearing is just three days to the presidential poll in the country, suggesting a long-drawn battle over the CBN deadline might be in the offing.

It would be recalled also that a seven-member panel led by Justice John Okoro, had on February 8 halted the Federal Government and Central Bank of Nigeria (CBN) from implementing the deadline for old Naira notes pending the determination of the suit before it.

But the Governor of the CBN, Godwin Emefiele, had insisted that there is no going back on the February 10, 2023 deadline for old Naira notes.

The CBN governor while speaking during a visit on Tuesday to the Ministry of Foreign Affairs, to discuss the monetary and currency redesign policy of the bank, said the apex bank has no reason to consider extending the deadline.

“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.

“There is, therefore, no need to consider any shift from the deadline of February 10.” Emefiele said as mixed reactions continue to trail the CBN’s stance on the currency redesign and the deadline set for the old notes ahead of the crucial 2023 polls.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Tinubu Names IBB’s Son, Top Experts to Lead Key Nigerian Agencies2027: Labour Party Appoints Nenadi Usman as Interim National Chairperson Alleged $9.6 Billion P&ID Fraud: Fleeing Briton’s Surety Arrested, Produced In CourtWhy Oil Prices Could See a Significant Upside ShiftPresidency Announces Gov Umo Eno as APC Leader in Akwa Ibom, Sparks ReactionsBreakdown of Buhari’s Family EntitlementsThaksin touts golden visa, higher travel fees to boost ThailandDangote Refinery Halts Fuel Discount Program Over Alleged Marketers Fraud2027: Intrigues as PDP Confirms Move to Bring Peter Obi Back After Atiku’s DepartureAre You Pregnant? By Johnson Babalola2027: Buhari’s exit Cripples APC in entire North as CPC Loyalists Defect in Large NumbersDrama as 16, 17-year-olds Now Allowed to Vote In UK ElectionsSenate passes $9 billion in spending cuts to public broadcasting, foreign aid requested by TrumpBrazil’s Petrobras Weighs Return to Retail Fuel Market to Reduce PricesBase Handover: France Ends Decades-Long Military Presence in Senegal
X whatsapp