FG Condemns Supreme Court Ruling Over Old Naira Notes Deadline

FG has condemned the Supreme Court ruling over the old Naira notes deadline.

 

NewsOnline reports that the Federal Government through the office of the Attorney-General of the Federation AGF, Abubakar Malami has filed an objection against the Supreme Court ruling which halted the February 10 deadline for old Naira Notes to remain in circulation.

 

Recall that the Central Bank of Nigeria, CBN after redesigning N200, N500, and N1,000, fixed January 31 as the deadline for old Naira notes to exist as means of transaction.

 

But following the difficulties in getting the newly redesigned notes, the apex bank extended the deadline to February 10.

 

ALSO: Ohanaeze Urges FG To Use Executive Order On Old Naira Deadline

 

Despite riots emanating from the scarcity of cash across the country, the CBN governor, Godwin Emefiele said last week that the February 10 deadline would not be extended.

 

However, aggrieved governors elected under the platform of the All Progressives Congress, APC, who believe the CBN policy was targeted against the APC presidential candidate, Bola Tinubu, earlier in the week met with President Muhammadu Buhari asking him to extend the deadline.

 

The president demanded for seven days to decide on the matter.

But the governments of Kogi, Kaduna, Zamfara states on Tuesday headed for the court to challenge the CBN, demanding for extension of the deadline.

 

Ruling in the matter, a Supreme Court panel led by Justice John Okoro, on Wednesday, halted the Federal Government’s move to execute the February 10 deadline.

 

The AGF, in a preliminary objection filed through his lawyers, Tijanni Gazali and Mahmud Magaji argued that the Supreme Court lacked the jurisdiction to entertain the matter.

 

The AGF contended that the plaintiffs have equally not shown reasonable cause of action against the defendant.