Naira Swap: Nigerians Win As Supreme Court Extends Deadline for Old Notes, Fixes New Date
- The Supreme Court has once again affirmed the validity of the use of old 200, 500 and 1000 naira notes
- According to the apex court, the February 8 hearing which paused the implementation of the February 10 deadline ban on the use of old naira notes still subsists
- The clarification from the court followed a complaint by Abdulhakeem Mustapha (SAN), lawyer to the Kaduna, Kogi and Zamfara states
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ click on “Recommended for you” and enjoy!
The Supreme Court has declared that the old naira notes are still legal tenders in Nigeria. This comes as the court has adjourned the hearing of the case brought against the Central Bank of Nigeria (CBN) on the naira redesign policy.
According to the apex court, the use of old 200, 500 and 1000 naira notes is still legal in Nigeria.
The Supreme Court made the clarification following a complaint by Abdulhakeem Mustapha (SAN), a lawyer to three states, Kaduna, Kogi and Zamfara, that instituted the initial case.
Mustapha said the apex bank and its agencies have allegedly directed the rejection of the old notes thereby failing to comply with the February 8 court order.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
In his response, Justice Okoro asked Mustapha to file a proper application and put forward his complaints.
According to Okoro, there was no need for a renewal of the court’s order since the one made on February 8 was done pending the determination of the motion for injunctions filed by the plaintiff.
Supreme Court takes another crucial decision in case against CBN’s new naira policy
Recall Legit.ng reported that Supreme Court on Wednesday, February 15, adjourned the case over the CBN policy on naira swap. The apex court adjourned proceedings until Wednesday, February 22.
At the previous court session, the Supreme Court gave a ruling against the stipulated deadline for the usage of the old naira notes communicated by the CBN to the public.
The CBN on the other hand did not heed the ruling of the apex court as it went on to implement and enforce its stipulations declaring the old naira notes illegal.