Naira Scarcity: Nigerian Civil Society Groups Reject Supreme Court Ruling, Cite Constitutional Default
- The coalition of civil society organisations in Nigerians has rejected the Supreme Court ruling restraining the CBN from stopping Nigerians from spending the old naira notes
- The groups argued that the apex court only rules when there is a constitutional dispute between the Federal Government and the states
- Kaduna, Zamfara, and Kogi states dragged the FG before the court to obtain an ex-parte order of temporary injunction of the deadline
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FCT, Abuja - The Coalition of Civil Society Organisations (CSO) has rejected the ruling of the Supreme Court that suspended the implementation of the Friday, February 10 deadline for ending the use of old N200, N500, and N1000 notes as legal tender.
During a press conference soon after the ruling, which was monitored by Legit.ng, the CSO argued that the apex court could only intervene when there is a constitutional dispute between the Federal Government and state governments.
Why civil society organisations reject supreme court ruling on old naira notes
According to the group, the dispute that the apex court has ruled upon is not a constitutional issue, but a matter of policy of the Central Bank of Nigeria (CBN)
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On Wednesday, February 8, the Supreme Court ruled that the Federal Government should suspend the planned February 10 deadline for stopping the use of old notes from being legal tender.
Kaduna, Kogi and Zamfara states have jointly filed an ex-parte order before the court asking for an interim injunction of the naira redesign policy of the Central Bank of Nigeria (CBN).
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Counsel to the three states, M.I Mustapha, argued that the policy is fast pushing Nigeria into anarchy that may even halt the existence of the Supreme Court itself.
Mustapha also argued that CBN's statistics showed that over 60% of Nigerians are unbanked, while Nigerians with bank accounts could not access their money because of the new policy.
Listen to the press statement:
Supreme court gives verdict on banning old naira notes
Legit.ng earlier reported that the supreme court had stopped the federal government from prohibiting the use of old N200, N500, and N1000 notes from Friday, February 10, as legal tender.
Kaduna, Kogi and Zamfara states have jointly challenged the decision of the CBN before the apex court while seeking an interim injunction on the policy.
Counsel to the states, M.I Mustapha, argued that the policy is almost pushing the country into anarchy as CBN statistics showed that over 60% of Nigerians are unbanked.