15th February, 2023
The Supreme Court on Wednesday ordered that Nigerians can continue to spend the old naira notes pending the determination of the suit file by some governors against the CBN’s Naira redesign policy.
The apex court, while adjourning the case to Wednesday, 22nd February, said the old order to suspend the ban of the now older 200, 500 and 1000 naira notes subsist.
But the Central Bank of Nigeria (CBN), has violated the first order made by the apex court as it insisted that its February 10 deadline for the swapping of old naira notes with new ones stood.
Banks and major retail outlets in the country are rejecting the old naira notes.
In today’s sitting, the seven-man panel of the apex court led by Justice John Okoro adjourned the suit originally filed by Kaduna, Kogi, and Zamfara states to Wednesday, 22 February.
Zamfara, Kaduna and Kogi had approached the Supreme Court of Nigeria for reliefs on behalf of their citizens to challenge the Feb. 10, CBN deadline for old naira notes to cease to be legal tender.
The Supreme Court had in its ruling on Feb. 8, directed all parties to maintain the status quo and quashed the Feb.10, 2023 deadline till the determination of the case which was adjourned to Feb. 15, 2023.
Aside the retinue of Senior Advocates of Nigeria, SAN, others present at the court on Wednesday are governors of Kaduna and Kogi states, Nasir El-Rufai and Yahaya Bello, respectively were present at the hearing on Wednesday.
Also, other states- Niger, Kano, Ondo, Ekiti, Lagos applied to be joined in the suit against the CBN and the Federal Government on Wednesday.
On the other hand, Bayelsa and Edo States also applied to be joined as a respondent.