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JUST: Old N1000, N500, N200 to Remain Legal Tender as Supreme Court Overrules FG

Justice Godfrey Okamgba — Fri, 03 Mar 2023 12:02:53 +0000

Old N200, N500, and N1,000 notes must continue in circulation through December 31, 2023, according to a Supreme Court order.

The Federal Government’s policy to redesign the naira was declared invalid by the supreme court, which issued the order on Friday since it was an affront to the 1999 Constitution.

In the case made against the Federal Government regarding the naira redesign strategy, the Supreme Court rendered a decision.

In order to contest whether the establishment of the policy was legitimate or not, sixteen states of the Federation filed the lawsuit.

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-person panel of Justices of the Court, had on February 22 fixed today for the court to make its decision known on the suit.

[BREAKING] Naira Note: Abuja Court Restrains CBN from Extending Deadline

Justice Godfrey Okamgba — Mon, 06 Feb 2023 18:33:55 +0000

The Central Bank of Nigeria (CBN) has been ordered by the Federal Capital Territory (FCT) high court to proceed with the redesign of the Naira in full and not the extend deadline.

In a decision made on Monday in the case with the file number FCT/HC/CV/2234/2023, the court barred the CBN from extending the time limit for using outdated naira notes.

Several banks, the CBN, and President Muhammadu Buhari were named as defendants in the lawsuit.

The CBN was instructed not to extend the deadline while the lawsuit is still being decided by Eleojo Enenche, the presiding judge of the FCT high court

“An order of interim injunction is hereby made restraining the defendants whether by themselves, staff agents, officers, interfacing banks or whosoever not to suspend, stop, extend, vary or interfere with the extant termination date of use of the old N200, N500, and N1000 bank note being 10th day of February 2023, pending the hearing and determination of the motion on notice,” the court held.

[BREAKING] CBN Bows to Pressure, Extends Deposition of Old Naira Notes to February 10

Justice Godfrey Okamgba — Sun, 29 Jan 2023 13:28:47 +0000

The Central Bank of Nigeria (CBN) has finally extended the deadline for the swap of old Naira notes at commercial banks by 10 days.

In a press statement issued on Sunday, Godwin Emefiele, the CBN Governor, said the new deadline is February 10, 2023.

Many Nigerians have been unable to deposit the old Naira notes in the bank, while some banks continue to give out old notes.

Although banks are working through the weekend to swap the notes, there are widespread complaints about scarcity, with people in the rural areas the most hit.

However, Nigerians will still be able to deposit their old notes directly with the CBN until February 17, 2023, described as a “grace period”.

The CBN earlier declared that the deadline will not be extended.

Emefiele claimed on Sunday that President Muhammadu Buhari has authorized the extension of the deadline due to the steps put in place to lessen the shortage.