Old naira notes remain legal tender

Old naira notes remain legal tender – Supreme Court

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.

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.”

Comments

CBN defies Supreme court-- Old naira notes no longer legal tender

In defiance of the Supreme Court order, the Central Bank of Nigeria, CBN, declared that the old naira notes of N200, N500 and N1000 have ceased being legal tender in Nigeria since February 10, 2023. CBN’s branch controller in Bauchi Haladu Idris Andaza made the declaration while briefing journalists on Monday in Bauchi. Last week, an ex parte order of the Supreme Court restrained CBN from implementing the February 10 deadline to stop the circulation of the old naira notes. But, Andaza insisted the old naira ceased being legal tender on February 10. “For the avoidance of doubt, CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria. “Customers are free to come to the bank and deposit, which they cannot do at the commercial banks anymore because the currency has ceased to be a legal tender since the 10th of this month,” he stated. DAILY POST reported that commercial banks are rejecting old naira deposits from customers in Ilorin, the ca...

Governor of the Apex Bank, Emefiele Say NO to Extension of January 31 Deadline for Return of Old Banknotes

The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, yesterday declared that the January 31, 2023 deadline fixed by the apex bank for the return of old N200, N500 and N1,000 banknotes would not be extended. Emefiele, rather, urged those who might still be holding on to the old banknotes to turn them in, assuring them they would not be harassed by the anti-graft agencies. The CBN Governor’s comment came just as the Senate and House of Representatives members urged the banking sector regulator to extend the deadline. Both the red chamber and the green chamber requested for a six-month extension of the deadline. In addition, the House of Representatives set up an ad hoc committee to meet Managing Directors of banks and subsequently with the CBN over the public outcry on the cash withdrawal limit and scarcity of the redesigned naira. They also called on President Muhammadu Buhari to intervene in the matter. However, addressing journalists at the end of a two-day me...

CR7 faces 30 Days Ban if found Guilty

The possibility of a suspension looms over Al Nassr striker Cristiano Ronaldo. The Portugal international may be suspended again as part of the investigation launched into his former club Juventus’ false bookkeeping and transfer irregularities in the past. Italian journalist Paolo Ziliani said that 15 points were recently deducted from Juventus after an investigation into their finances by an Italian court. Ziliani reports that the scope of the punishment for the Italian giants could stretch beyond Italy and to players such as Cristiano Ronaldo’ who are no longer at Juventus. If Cristiano Ronaldo or any other player is found guilty of falsely reporting lower wages, they could be banned for 30-plus days. Ronaldo was at the Turin-based club between 2018 and 2021 and could receive this punishment. “All members involved were questioned and admitted the circumstances [as part of the investigation],” he said according to Sportbible.

Feed9janews

Search This Blog