Old Naira Notes Remain Legal Tender - Supreme Court Warns CBN As It Adjourns Case
Faith Ukanwa
Feb 15, 2023
Old Naira Notes Remain Legal Tender - Supreme Court Warns CBN As It Adjourns Case
The Supreme Court has said its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline for the use of old 200, 500 and 1000 naira notes still subsist.
The court made the clarification on Wednesday following complaint by lawyer to Kaduna, Kogi and Zamfara states, Abdulhakeem Mustapha (SAN) that the Fed Govt and its agencies have failed to comply with the order and have allegedly directed the rejection of the old notes.
READ ALSO
READ ALSO: How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
Mustapha said the plaintiff filed a notice of none-compliance with the order of the court order made on February 8. And demanded that the court take action against the respondent to protect the dignity of the court.
He added: "That order has been flouted by the government. We are talking of executive lawlessness here. We have filed an affidavit to that effect...We want the court to renew the order for parties to be properly guided."
READ ALSO: Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
Justice John Okoro, who presided over a seven-member panel of the court, asked Mustapha to file a proper application to put forward his complaints and to enable the respondent respond appropriately.
READ ALSO: Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
Justice Okoro said there was no need for a renewal of the court's order.
READ ALSO: Ayu Reacts To Meeting Wike In Port Harcourt
He noted that, since the order made by the court on February 8 was made pending the determination of the motion for injunctions filed by the plaintiff, the order still subsists since the motion was not yet heard.
The court had, in the February 8 ruling, said: "after a careful consideration of this ex-parte application, and the grounds in support of same, this court finds that there is real urgency for this court to intervene by the grant of this application.
READ ALSO: 7 Online Money Traps Young Nigerians Are Falling Into
"Accordingly, this application is hereby granted as prayed.
READ ALSO: NLC's False Claims on LGA Funds Spark Controversy: Abia State Government Fires Back
"That is to say, an order of interim injunction restraining the Federal Government of Nigeria, either by itself or acting through the Central Bank of Nigeria (CBN) and/or the commercial banks, its agents; agencies, corporations, ministries, parastatals, organizations or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending on the 10th of February 2023 the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the naira may no longer be legal tender, pending the hearing and determination of the plaintiffs/applicants' motion on notice for interlocutory injunction."
READ ALSO: Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
The Supreme Court has however fixed February 22 for hearing of the suit filed Kaduna, Kogi and Zamfara states challenging the propriety the naira swap policy of the Federal Government.
READ ALSO: I Stand With EndSARS Protesters, Atiku Declares Advises Buhari
The court chose the date after joining the Attorneys General of Katsina, Lagos, Cross River, Ondo, Ogun, Ekiti and Sokoto states as co-plaintiffs in the earlier suit filed by Kaduna, Kogi and Zamfara states.
The court also joined the Attorneys General of Edo and Bayelsa states as co-respondents. Both states elected to side with the Attorney General of the Federation (AGF) originally listed as the sole respondent.
The court ordered that the suits filed by separately by Nasarawa, Rivers and Kano states on the same issue be consolidated with the one filed by Kaduna, Kogi and Zamfara states.
READ ALSO: How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
The court ordered parties to file all necessary documents before the hearing set for next Wednesday.
Justice Okoro, before adjourning, told lawyer to the AGF, Kanu Agabi (SAN) to advise his client to ensure the availability of currency for the people.
READ ALSO: Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
"Tell your client to let people have money. If they go to the ATM and the plaintiffs will come and withdraw the case. Make money available to the poor masses.
READ ALSO: Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
"You should know that a hungry man is an angry man. I say no more," he said.
READ ALSO: Ayu Reacts To Meeting Wike In Port Harcourt
Responding, Agabi said Nigerians were only blaming the government for their poverty.
"Many people don't have money. They blame it on the Fed Govt and the AGF. I don't have money too.
READ ALSO: 7 Online Money Traps Young Nigerians Are Falling Into
"Things have been bad for long. It is not today that the problems started," Agabi said.
READ ALSO: NLC's False Claims on LGA Funds Spark Controversy: Abia State Government Fires Back
Governors Nasir El-Rufai and Yahaya Bello of Kaduna and Kogi states were in court to witness proceedings.
READ ALSO: Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
Speaking after the court proceedings, Bello said the states were not at war with the Fed Govt over its cashless policy, but are only concerned about its negative impact on the citizens, who are now denied access to their funds.
READ ALSO: I Stand With EndSARS Protesters, Atiku Declares Advises Buhari
source
Related Stories
Nigeria's Economy Set to Grow 4.7% in 2026 - Edun Projects Job-Rich, Investment-Led Growth
Pastra Arinze Etie Explains How Governor Otti is Ending Revenue Leakages in Abia State
How Trump's Threat Triggered N2.8 Trillion Stock Market Crash In Nigeria - Investors Panic As Confidence Plummets
How CBN's New Policy Will Force Banks To Instantly Refund Failed ATM Transactions
Bring Back Cashless Policy, Naira Will Increase Value - Yul Edochie Begs Tinubu
7 Online Money Traps Young Nigerians Are Falling Into
""
— Faith Ukanwa