Old Naira Notes Deadline: 4 Things to Know as Supreme Court Adjourns Suit Filed by State Governments

Old Naira Notes Deadline: 4 Things to Know as Supreme Court Adjourns Suit Filed by State Governments

FCT, Abuja - Nigerians anxiously looked up to the Supreme Court on Wednesday, February 15, to know if they would be able to continue spending the old Naira notes of 200, 500 and 1000.

Recall that some state governments had dragged the federal government to the apex court seeking a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria (CBN).

Old Naira Notes Swap Deadline/Buhari/Emefiele/CBN Governor/Supreme Court
The Supreme Court on Wednesday, February 15, adjourned the suit filed by state governments against the FG's Naira redesign policy. Photo credit: @NGRPresident
Source: Twitter

The CBN had announced February 10 as the deadline for the swapping of the old Naira notes for new ones.

However, the states got a favourable verdict as the Supreme Court on Wednesday, February 8, restrained the CBN from enforcing the February 10 deadline.

The apex court further announced that it will hear the main suit filed by the APC governors on Wednesday, February 15.

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As announced, the court sat on Wednesday but what happened there?

These are key four key things you need to know about the latest court sitting on the controversial Naira redesign policy.

1. Supreme Court adjourns hearing

On Wednesday, the Supreme Court sitting in Abuja again adjourned the hearing in the suit banning the use of the old naira notes.

The new hearing date is Wednesday, February 22.

2. Old naira notes still legal tender

In a new development, nine states have filed to join the suit initially filed by Kogi, Kaduna and Zamfara states.

The Supreme Court affirmed the validity of the use of old 200, 500 and 1000 naira notes, The Punch reported.

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.

Read also

Supreme Court takes another crucial decision in case against CBN’s new naira policy

The court gave the clarification following a complaint by Abdulhakeem Mustapha (SAN), lawyer to the Kaduna, Kogi and Zamfara states respectively.

Mustapha had accused the federal government and the CBN of directing the rejection of the old notes thereby failing to comply with the Supreme Court order.

He noted that the FG filed a notice of non-compliance with the order of the apex court made on February 8.

In his response, Justice John Okoro who led the Supreme Court panel asked Mustapha to file a proper application and put forward his complaints.

According to him, this would enable the respondent, that is the FG, to respond appropriately.

3. Number of states suing FG increases to 10

At the hearing on Wednesday, it was established that more states have applied to join Kaduna, Kogi and Zamfara states in suing the federal government.

As it stands, 10 states are suing the federal government over the naira redesign policy.

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The new states are Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto states bringing the new total of plaintiffs to ten.

4. Two states apply to be joined with FG as respondents

Meanwhile, while 10 states are now suing the federal government over the Naira redesign policy, two states, Edo and Bayelsa, have filed to be joined as respondents.

That is, the two states are in support of the federal government.

The seven-man panel of the Supreme Court led by Justice Okoro ordered the two states to amend their processes to be heard as one.

Presidency speaks on alleged plan to extend deadline for old Naira notes swap

Meanwhile, the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, has reacted to the speculations that President Muhammadu Buhari may be mulling an extension of the validity of the old naira notes by 60 days.

The presidential spokesman Garba Shehu said he is not in a position to confirm or deny the speculation.

Source: Legit.ng

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Nurudeen Lawal (Head of Politics and Current Affairs Desk) Nurudeen Lawal is an AFP-certified journalist with a wealth of experience spanning over 8 years. He received his B/Arts degree in Literature-in-English from OAU. Lawal is the Head of the Politics/CA Desk at Legit.ng, where he applies his expertise to provide incisive coverage of events. He was named the Political Desk Head of the Year (Nigeria Media Nite-Out Award 2023). He is also a certified fact-checker (Dubawa fellowship, 2020). Contact him at lawal.nurudeen@corp.legit.ng or +2347057737768.

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