Old notes remain legal tender throughout 2023 - SC
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.
Naira Crisis: CBN authorizes use of old notes
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...
Naira Policy: CBN has Directed Banks to Accept & Collect Old Notes - Soludo
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...
Accept old N500, N1000 notes – Ondo Gov Akeredolu tells Nigerian traders
Governor Rotimi Akeredolu of Ondo State on Thursday urged traders in his state to accept the old N200, N500 and N1000 notes.Akeredolu said this while decrying the rejection of old naira notes by business owners and traders in Ondo.In a statewide broadcast in Akure, the governor said the rejection of the old naira notes currency was a flagrant disobedience of the law.“It’s imperative that I address you today because of the need to halt a self-induced pain currently b...
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