Headline

BREAKING: Old 1,000, 500 Naira Notes Remain Valid – Supreme Court

Advertisement
Advertisement

Supreme Court has ruled that the old 1,000 and 500 Naira Notes remain valid in Nigeria till December 31st, 2023.

 

NewsOnline reports that the Supreme Court has ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.

 

The apex court which gave the order on Friday, also nullified the Federal Government’s naira redesign olicy, declaring it as an affront to the 1999 Constitution.

 

ALSO: Atiku, Peter Obi Reject Tinubu’s Emergence As President-Elect

The Supreme Court delivered judgement in the suit brought against the Federal Government on the naira redesign policy.

 

Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.

 

 

The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for final verdict.

Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed today for the court to make its decision known on the suit.

The 16 states led by Kaduna, Kogi and Zamfara are praying the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians

They accused President Muhammadu Buhari of usurping the function of the Central Bank of Nigeria (CBN) in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.

On its part, the Federal Government challenged the jurisdiction of the Apex Court on the grounds that the CBN was not joined as a party and that the dispute on the policy ought to be directed at the CBN so that the suit can be referred to the Federal High Court.

Governor Nasir El-Rufai of Kaduna State and his Kogi State counterpart, Yahaya Bello were in court to witness the judgement on Friday. The two governors were also in court at the last hearing. Also, Zamfara State Governor, Bello Matawalle was in court on Friday.

Recall that the CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue.

However, President Muhammadu Buhari, in a national broadcast last Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.

Advertisement
NewsOnline Nigeria

Recent Posts

  • Brands & Marketing

Zenith Tech Fair 4.0 Ends On A High As Hackathon Winners Get N77.5m Cash Reward

A total sum of N77.5 million in prize money was won at the end of…

5 hours ago
  • Brands & Marketing

Dubai Racing Club Announces Zoho as Exclusive Technology Partner

Dubai Racing Club has announced Zoho as an exclusive technology partner.   NewsOnline Nigeria reports…

5 hours ago
  • Exchange Rates

BREAKING: CAC Deletes 80,000 Top Companies From Database (FULL LIST)

CAC has deleted 80,000 top companies from the database.   NewsOnline Nigeria reports that the…

5 hours ago
  • 2027 Election

Bode George Warns Atiku Abubakar Against Contesting 2027 Presidency

Bode George has warned Atiku Abubakar against contesting the 2027 Presidency.   NewsOnline Nigeria reports…

5 hours ago
  • Exchange Rates

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 22 November 2024

The black market dollar to Naira exchange rate on Friday 22 November 2024 can be…

5 hours ago
  • Economy And Business

BREAKING: ACF Chairman Suspended For Blasting President Tinubu Hardship Policies

ACF Chairman has been suspended for blasting President Tinubu's hardship policies.   NewsOnline Nigeria reports…

5 hours ago