Old Naira Notes: Supreme Court Serves Order on Malami, FG

Old Naira Notes: Supreme Court Serves Order on Malami, FG

  • The Supreme Court has formally served the order of its ruling on the old naira notes on Malami, Nigeria’s Attorney General
  • A document containing the order sighted by journalists directs the AGF to issue a directive to CBN to reissue the old naira notes
  • Analysts believe that the Federal Government and the CBN have no excuse not to reissue the old notes

The Central Bank of Nigeria appears to have been waiting for a copy of the Supreme Court order before taking action on the old naira notes.

Recall that Legit.ng reported that a source in the bank had hinted that the CBN is waiting for legal advice before it takes any step regarding the Supreme Court order.

Malami, FG, CBN
President Muhammadu Buhari and CBN GOvernor, Godwin Emefiele Credit: State House
Source: Facebook

No more excuses for FG, CBN

According to a report, the Supreme Court has ruled on the naira redesign policy to the Attorney General of the Federation and Minister of Justice, Abubakar Malami, who also doubles as the country’s Minister of Justice.

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The implication is that there is no more excuse for not complying with the apex court’s ruling.

BusinessDay reports that a document containing the Drawn-up Orders of the Supreme Court in the currency redesign case with proof of service of the orders of the Attorney-General of the Federal.

A part of the document stated that the old version of the N200, N500, and N1000 notes shall continue to be legal tender alongside the new notes until December 31, 2023, and that banks should continue to receive the old notes until December 31, 2023.

According to analysts, the document documents were served on Friday, February 10, 2023, and leave no excuse to the President, the Attorney-General, and the Governor of the Central Bank of Nigeria.

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Old naira notes: FG takes a stand, says it will obey supreme court order on deadline

Legit.ng earlier reported that the Federal Government (FG), via the Attorney General of the Federation, Abubakar Malami, has revealed its position on the Supreme Court order restraining the Central Bank of Nigeria (CBN) from stopping the circulation of the old naira notes.

Malami, on Thursday, February 9, 2023, said that while the Nigerian government would abide by the Supreme Court's ruling restraining the CBN from demonetising the policy, it would still take steps to set aside the interim order

ThisDay reports that the AGF affirmed that the FG, in deference to the rule of law, would abide by the Supreme Court order, despite its intention to challenge it and would do so within the ambit of the law.

Source: Legit.ng

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