CBN Deadline for Old Naira Notes Blocked by Supreme Court

CBN Deadline for Old Naira Notes Blocked by Supreme Court

Supreme Court of Nigeria blocks CBN’s implementation of Feb 10 deadline for old Naira notes, extending their use as legal tender.

The Supreme Court of Nigeria has put a stop to the Central Bank of Nigeria’s (CBN) plan to discontinue the use of the old 200, 500 and 1000 naira notes.

Stay Connected And Informed! Follow Us On Instagram, Facebook, and Twitter

On February 3rd, three northern states – Kaduna, Kogi and Zamfara – filed a motion in the apex court seeking a halt to the CBN’s naira redesign policy.

A seven-man panel of the Supreme Court, led by Justice John Okoro, granted an interim injunction against the Federal Government, CBN and commercial banks, prohibiting them from implementing the February 10 deadline for the old naira notes to stop being a legal tender.

The court ordered that the old naira notes must continue to be legal tenders in Nigeria pending the determination of a notice on notice in respect of the issue on February 15.

In addition to the legal battle initiated by the three states, five political parties also took the matter to the Federal Capital Territory (FCT) High Court and secured an order preventing the Federal Government and the CBN from extending the deadline.

The CBN had announced its plan to redesign the three banknotes on October 26, 2022 and President Muhammadu Buhari unveiled the redesigned notes on November 23, 2022.

The CBN had set a deadline of January 31 for the validity of the old notes, but with numerous objections from the public, the apex bank extended the deadline to February 10 with the approval of the President.

Despite the uproar over the validity of the old naira notes, the CBN has maintained a weekly cash withdrawal limit of N500,000 for individuals and N5m for corporate firms.

President Buhari has requested seven days to make a major decision on the policy after a meeting with some APC governors on Friday.

The Supreme Court’s ruling has temporarily put a halt to the CBN’s plan, and it remains to be seen what the outcome of the notice on notice hearing will be.

Share your story with us! Email


Click to comment

Leave a Reply

Most Popular

𝙈𝙖𝙣𝙙𝙮 𝙉𝙚𝙬𝙨 𝙞𝙨 𝙮𝙤𝙪𝙧 𝙧𝙚𝙡𝙞𝙖𝙗𝙡𝙚 𝙨𝙤𝙪𝙧𝙘𝙚 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙡𝙖𝙩𝙚𝙨𝙩 𝙣𝙚𝙬𝙨, 𝙚𝙣𝙩𝙚𝙧𝙩𝙖𝙞𝙣𝙢𝙚𝙣𝙩, 𝙨𝙥𝙤𝙧𝙩𝙨, 𝙖𝙣𝙙 𝙡𝙞𝙛𝙚𝙨𝙩𝙮𝙡𝙚 𝙪𝙥𝙙𝙖𝙩𝙚𝙨 𝙛𝙧𝙤𝙢 𝙖𝙧𝙤𝙪𝙣𝙙 𝙩𝙝𝙚 𝙬𝙤𝙧𝙡𝙙. 𝙒𝙚 𝙖𝙧𝙚 𝙙𝙚𝙙𝙞𝙘𝙖𝙩𝙚𝙙 𝙩𝙤 𝙙𝙚𝙡𝙞𝙫𝙚𝙧𝙞𝙣𝙜 𝙖𝙘𝙘𝙪𝙧𝙖𝙩𝙚, 𝙪𝙥-𝙩𝙤-𝙙𝙖𝙩𝙚, 𝙖𝙣𝙙 𝙚𝙣𝙜𝙖𝙜𝙞𝙣𝙜 𝙘𝙤𝙣𝙩𝙚𝙣𝙩 𝙩𝙤 𝙠𝙚𝙚𝙥 𝙮𝙤𝙪 𝙞𝙣𝙛𝙤𝙧𝙢𝙚𝙙 𝙖𝙣𝙙 𝙞𝙣𝙨𝙥𝙞𝙧𝙚𝙙. 𝙁𝙤𝙡𝙡𝙤𝙬 𝙪𝙨 𝙤𝙣 𝙨𝙤𝙘𝙞𝙖𝙡 𝙢𝙚𝙙𝙞𝙖 𝙛𝙤𝙧 𝙩𝙝𝙚 𝙡𝙖𝙩𝙚𝙨𝙩 𝙪𝙥𝙙𝙖𝙩𝙚𝙨.

𝗖𝗼𝗽𝘆𝗿𝗶𝗴𝗵𝘁 © 𝟮𝟬𝟮𝟯 𝗠𝗮𝗻𝗱𝘆 𝗡𝗲𝘄𝘀. 𝗔𝗹𝗹 𝗿𝗶𝗴𝗵𝘁𝘀 𝗿𝗲𝘀𝗲𝗿𝘃𝗲𝗱

To Top