Top Story

FG challenges Supreme Court’s ruling on Feb.10 deadline on old banknotes

110

Unsatisfied with the interim injunction by Nigeria’s Supreme Court “temporarily” stopping the CBN from enforcing the February 10 deadline on old banknotes, the Federal Government has headed to the apex court, asking it to dismiss the suit challenging the deadline.

A seven-man panel of the court led by Justice John Okoro had on Wednesday issued an order of interim injunction temporarily halting the plan by CBN to end the use of the old banknotes as scheduled.

Persecondnews reported that the CBN had announced plans to end the legal tender status of the old currency notes of N200, N500 and N1,000 to give way to the newly redesigned notes which has been in short supply, causing crisis.

The government through the Attorney-General of the Federation and Minister of Justice, Malam Abubakar Malami (SAN) insisted that the Supreme Court lacked the jurisdiction to hear the suit filed by three states – Kaduna, Kogi and Zamfara – controlled by the ruling All Progressives Congress (APC).

Malami pointed out that the case is not a dispute between the federation and the state governments, but merely an issue about CBN’s policy.

He said the suit is, therefore, not qualified to be taken directly to the Supreme Court for adjudication, arguing that the suit ought to have commenced at the Federal High Court.

The three state had in their application filed to challenge the naira redesign policy, sought an order restraining CBN from enforcing the deadline of February 10, citing the hardships Nigerians are facing in accessing the new notes in the banks across the country.

The apex court has adjourned February 15 for the hearing of the substantive suit.

On Wednesday, President Muhammmadu Buhari had met with the CBN Governor, Godwin Emefiele and AGF, Malami, at the Presidential Villa, Abuja, shortly after the supreme court ruling.

Meanwhile, the International Monetary Fund (IMF) has called for the extension of the February 10 deadline for the old notes swap.

The IMF, in a statement by its Resident Representative to Nigeria, Ari Aisen, issued on his behalf by Office Manager for Resident Representation for Nigeria, Laraba Bonnet, in Abuja, hinged its plea on the hardship Nigerians were going through.

The IMF said: “In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by CBN to mitigate the challenges in the banknote swap process, IMF encourages CBN to consider extending the deadline should problems persist in the next few days, leading up to the February 10 deadline.”

IMF is the first international financial organisation to openly call for extension of the deadline for the deposit of old Naira notes.

Leave a comment

Related Articles

Food security: 1.3m Nigerians to benefit from Ukraine’s grain donation, says WFP

About 1.3 million Nigerians impacted by the rising cost of food in...

Forex crisis: FG slams $10bln fine on Binance

The Federal Government has fined a crypto trading platform, Binance, $10 billion...

Corruption will go away from Nigeria, says Pres. Tinubu as he inaugurates Lagos rail project

President Bola Tinubu inaugurated the Red Line rail project of the Lagos...

NNPC Ltd, OPEC pledge collaboration to attract investments, grow production

The Nigerian National Petroleum Company Limited (NNPCL) and the Organization of the...

Just in: Senate grants Tinubu’s request to sack FCCP boss

The Senate has approved President Bola Tinubu’s request to sack the Federal...

Why we suspended our nationwide protest – NLC

The Nigeria Labour Congress (NLC) has suspended its two-day national protest as...

CBN to sell dollar at N1,301 to authorized BDC

In its bid to increase liquidity, strengthen the naira, and curb distortion...

Oransaye report: List of FG’s agencies, depts, corporations to be scrapped, merged

Following the adoption of the Steve Oronsaye’s report for immediate full implementation...

Breaking: Merger, scrapping of many govt agencies underway as Tinubu orders full implementation of Oronsanye Report⁣

12 years after the Steve Oronsaye panel submitted its report on restructuring...

CJN swears in 11 new Supreme Court justices

The Chief Justice of Nigeria, Justice Olukayode Ariwoola, swore in the newly...

Tinubu inaugurates Economic Advisory Committee with Elumelu, Dangote as members

A tripartite Economic Advisory Committee, consisting of the Federal Government, subnationals, and...

Breaking: Fire destroys FCT Minister’s home

A morning fire on Sunday completely destroyed the private residence of the...

Shun NLC protests, rallies, Afenifere urges Nigerians particularly Yoruba, says will escalate tension

The pan-Yoruba socio-political organisation — Afenifere — has urged Nigerians particularly Yoruba...

Breaking: Tinubu announces suspension of sanctions on Guinea, Mali, Niger, Burkina Faso

President Bola Tinubu has demanded that the Economic Community of West African...

ECOWAS Chair, Pres. Tinubu, presides over regional body’s summit in Abuja

President Bola Tinubu on Saturday presided over Extraordinary Summit of heads of...

Blackout: COAS laments decomposing corpses in Army mortuaries

The Chief of Army Staff (COAS), Lt.-Gen. Taoreed Abiodun Lagbaja, has frowned...

Harsh economy: NIN required as Customs begins distribution of seized food items to poor Nigerians

In a bid to alleviate the current hardship in the country, the...

APC’s Sen. Okpebholo emerges candidate for Edo governorship poll

Sen. Monday Okpebholo of the All Progressives Congress (APC) has been declared...

$800m rehabilitation funds for Nigerian ports almost ready – FG

The Minister of Marine and Blue Economy, Mr. Gboyega Oyetola, has said...

Emefiele slams N25bln suit on Akpabio for alleged defamation 

The ex-governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has...