The Supreme Court has held that the Old Naira notes still remain Legal Tender while also adjourning the judgment on the consolidated application filed by 10 state governments challenging the CBN naira redesign policy till March 3rd.
The court will also hear the preliminary objection filed by the Attorney General of the Federation challenging the jurisdiction of the court as well as that of Edo and Bayelsa states.
However, Kaduna, Kogi and Zamfara states have filed a contempt proceeding against the Attorney General of the federation and the central bank governor.
The AGF and CBN governor is accused of not complying with the Supreme Court order on the old Naira note.
The Supreme Court had said that the old N200, N500, and N1000 are still legal tender, insisting that its February 8 order barring the Federal Government and its agencies from enforcing the February 10 deadline still subsists.
The court made the clarification following a complaint by the lawyer to Kaduna, Kogi, and Zamfara states, Abdulhakeem Mustapha (SAN) that the Federal government and its agencies have failed to comply with the order and have allegedly directed the rejection of the old notes.
The Supreme court gave an interim injunction restraining the Federal Government of Nigeria, either by itself or acting through the Central Bank of Nigeria (CBN) and/or the commercial banks, its agents; agencies, corporations, ministries, parastatals, organisations or through any person or persons (natural and artificial) howsoever, from suspending or determining or ending on the 10th of February 2023 the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the naira may no longer be legal tender, pending the hearing and determination of the plaintiffs/applicants’ motion on notice for interlocutory injunction.
The Supreme Court fixed today, February 22 for the hearing of the suit filed by Kaduna, Kogi, and Zamfara states challenging the propriety of the naira swap policy of the Federal Government.
The court also ordered that the suits filed separately by Nasarawa, Rivers, and Kano states on the same issue be consolidated with the ones filed by Kaduna, Kogi, and Zamfara states.
AMOTEKUN PARADES MAN WITH BUNDLES OF FAKE NEW NAIRA NOTES IN EKITI
The South West Regional Security Network ( Amotekun) has paraded a 50 Year old Man in Ado Ekiti for being in possession of fake New 1000 Naira Notes up to 250,000 Naira.
The men of the Corp apprehended the Suspect at Omuo-Ekiti on Monday, after an alarm was raised by one of the Traders while he was trying to make some Purchase at the Market.
He was thereafter apprehended and confessed to have spent over 150,000 Naira of Fake Notes to more than 10 unsuspecting members of the Public in that axis, and now has a balance of 100,000
The Suspect also confessed that he belongs to a syndicate with their boss resident in Ikotun Lagos, and has a 50% commission on every successful Transaction.
The Commandant of the Corp, Ade Akomolafe Says although there is cash crunch and the times are hard, a situation where more hardship is being meted out by some criminally minded elements is rather unfortunate.
The Corp will transfer the Suspect to the Police for further investigation and Prosecution.
CBN Sticks to Presidential Directive to Reissue only 200 Naira Old Banknotes
The attention of the Central Bank of Nigeria has been drawn to a FAKE PRESS RELEASE purported to have emanated from the Bank to the effect that President Muhammadu Buhari has approved the reissuance and release of old N500 and N1000 notes as legal tender in the country.
For the avoidance of doubt, the Central Bank of Nigeria reiterates that in line with the directives of Mr. President, only N200 old notes are to be reissued and to circulate concurrently with the new notes. Members of the public are therefore advised to ignore this fake news.
The Bank is working with the law enforcement agencies to investigate, apprehend and prosecute the purveyors of this fake news