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Old notes remain legal tender throughout 2023 - SC

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NAIJA NEWS: Old notes remain legal tender throughout 2023 - SC [New Naija News] » Naijacrawl
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It was a landmark judgement early today in Abuja as the Supreme Court ordered that old N200, N500, N1,000 notes remain in circulation till December 31, 2023.



The apex court also nullified the Federal Government’s naira redesign olicy, declaring it as an affront to the 1999 Constitution.

Justice Emmanuel Agim, who read the lead judgement, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.

Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts.

The apex court further held that President Muhammadu Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges.

The court said the policy has led to some people engaging in trade by barter in this modern age, in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.

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Piroll
 

Piroll is a creative writer, social-political commentator, socio-researcher, and sports analyst. He holds certificates in media management and data journalism from the Thomas Foundation Institute of Journalism. He works as a... Read More

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Naija News

Breaking: CBN Makes Official Statement on Old Naira Notes

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NAIJA NEWS: Breaking: CBN Makes Official Statement on Old Naira Notes [New Naija News] » Naijacrawl
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After several criticism from different quarters, the Central Bank of Nigeria (CBN) on Monday Night said old N200, N500, and N1,000 banknotes remain legal tender Till December 31, 2023.The apex bank’s Acting Director of Corporate Communications, Isa AbdulMumin stated this in a statement on Monday.“In compliance with the established tradition of obedience to court orders and sustenance of the Rule of Law Principle that characterized the government of President Muhamma...
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Naija News

CBN clears air on acceptance of old Naira notes

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NAIJA NEWS: CBN clears air on acceptance of old Naira notes [New Naija News] » Naijacrawl
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The Central Bank of Nigeria has cleared the air by directing commercial banks to dispense and accept the deposit of old Naira notes amid the raging currency crisis.Dr. Isa Abdulmumin, Acting Director of Corporate Communication at the CBN, in an exclusive chat with The Daily Post on Monday, clarified that there is no statement from the apex bank telling commercial banks to dispense and accept the old N500 and N1000 notes from Nigerians.Abdulmumin was reacting to a st...
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Naija News

Naira Crisis: CBN authorizes use of old notes

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NAIJA NEWS: Naira Crisis: CBN authorizes use of old notes [New Naija News] » Naijacrawl
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The Governor of Anambra State, Prof. Charles Soludo, confirmed on Monday that the Central Bank of Nigeria has asked commercial banks to dispense and accept old naira notes as deposits.The Daily Post reports that Soludo, a former CBN governor, made this known in a statement he posted on his social media handles.He explained that the Governor of CBN, Godwin Emefiele, gave the directive at a Banker’s Committee meeting on Sunday.He added that Emefiele personally confirm...
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