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Supreme Court Stops CBN From Banning Old Naira Notes

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NAIJA NEWS: Supreme Court Stops CBN From Banning Old Naira Notes [New Naija News] » Naijacrawl
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In the latest development, the Supreme Court earlier today has temporarily stopped the move by the federal government to ban the use of the old naira notes from February 10, 2023.



A seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.

He stated that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land “.

While he referred to a Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.


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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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Naira Policy: CBN has Directed Banks to Accept & Collect Old Notes - Soludo

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NAIJA NEWS: Naira Policy: CBN has Directed Banks to Accept & Collect Old Notes - Soludo [New Naija News] » Naijacrawl
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The former CBN governor and incumbent Governor of Anambra state, Prof Charles Soludo has confirmed through a press release that commercial banks have been directed by the Central Bank to dispense old currency notes and to also receive same as deposits from customers.Soludo also insisted that tellers at commercial banks are to generate the codes for deposits and there is no limit to the number of times an individual or company can make deposits.The Governor of the CB...
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Old & New Notes Remain Legal Tender - CBN

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NAIJA NEWS: Old & New Notes Remain Legal Tender - CBN [New Naija News] » Naijacrawl
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The Central Bank of Nigeria has instructed all its branches nationwide to continue issuing various denominations of both old and redesigned banknotes in ample quantities to deposit money banks.The apex bank disclosed this in a statement signed by its Director, Corporate Communications, Isa AbdulMumin, and posted on its X handle on Wednesday.This comes in response to reports of cash shortages in major cities, despite earlier assurances from the CBN about sufficient c...
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Naija News

CBN orders banks to start collecting old 500 & 1000 Notes

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NAIJA NEWS: CBN orders banks to start collecting old 500 & 1000 Notes [New Naija News] » Naijacrawl
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Sequel to the long queue being experienced at the Central Bank of Nigeria branches nationwide, the CBN has ordered banks to start collecting the old N500 and N1,000 notes from the public with immediate effect.It however pegged the maximum amount the banks can collect at N500,000.The CBN maintained that the old currencies were still no more legal tender.A source from the bank said the CBN ordered the banks to collect the monies instead of going to the CBN office foll...
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