Naira: Supreme Court suspends CBN’s Feb 10 deadline

PLACE YOUR ADVERT HERE

The Supreme Court of Nigeria has ordered a suspension of the deadline for the swapping of old to new Naira notes by the Central Bank of Nigeria (CBN).

The Supreme Court issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes on the Friday February 10, 2023 deadline.

Wakadaily earlier report that government of Kaduna, Kogi and Zamfara state have dragged the Federal Government before the Supreme Court over the scarcity of new and old naira notes seeking a restraining order to stop the full implementation of the policy.

The state governments expressed concern over the impact the CBN’s naira redesign program is having on their constituents.

The three northern states filed an ex-parte motion through their lawyer, AbdulHakeem Uthman Mustapha (SAN), and are urging the Supreme Court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023.

Mustapha said, “Unless this Honourable Court intervenes, the Government and people of Kaduna, Kogi and Zamfara State will continue to go through a lot of hardship and would ultimately suffer great loss as a result of the insufficient and unreasonable time within which the Federal Government is embarking on the ongoing currency redesign policy.

The states added that there has been a shortage in the supply of the new naira notes in Kaduna, Kogi and Zamfara States and that citizens who have dutifully deposited their old naira notes have increasingly found it difficult and sometimes next to impossible to access new naira notes to go about their daily activities.”

PLACE YOUR ADVERT HERE
Queen Ferry
Queen Ferry
Chinyere Treasure Ikechukwu also known as Queen Ferry, is a Nigerian business Executive, social media savvy Journalist and Content Editor with over seven years experience. She serves as the Vice-Chairman of Naijatraffic Limited. If Treasure is not researching/blogging, she will be making delicious delicacy.

Popular Related

14-year-old invents soap to treat skin cancer, wins US Young Scientist award

A 14-year-old boy, Heman Bekele, has emerged “America’s top young scientist” after inventing a bar of soap that cures melanoma, a skin cancer. The middle...

NOUN advocates inmates to access free education 

Francis Enobore, the Director of the Correctional Service Special Study Centre of the National Open University of Nigeria (NOUN) has urged well-meaning Nigerians and...

Palm oil not good for lubricant production – Oilden CEO

Oluwatoni Oladiran, the Chief Executive Officer of Oilden Energies, has warned against the use of palm oil as a base oil for the production...

Spotify to lay off 17% of employees amid rising capital costs

Spotify, an online streaming platform says it will reduce the number of it's employees by approximately 17% in a bid to cut costs due...

Naira opens at N1,520 on the black market

On Monday, the foreign exchange market opened with the naira trading at N1,520 per dollar on the black market. This is a 1.32 percent...

NCC explains why SIMs are being blocked despite NIN linkage

The Nigerian Communications Commission, (NCC) has explained reasons why SIMs cards are being blocked despite linking them to their National Identification Number, NIN. The explanation...

“My boundaries are very clear” – Kunle Remi blows hot as he issues stern warning to trolls over latest allegation

Kunle Remi, Migerian actor has issued a serious warning to trolls following the latest allegation from a blog. Controversial anonymous Instagram blog, Gistlover had alleged...

Tension as FG seals popular Abuja store over deceptive pricing

Tension has continued to mount across the country as the Federal Government sealed popular Abuja supermarket, Sahad Store, along the Garki area of the...

Destiny Etiko Biography: Fullname, Age, Boyfriend, Career, Net worth

Destiny Chinemelum Etiko (born August 12, 1989) famously known as Destiny Etiko is a Nigerian actress and TV personality, She is well-known in the Nigerian...

ADC 2023: Tonto Dikeh emerges as Rivers gov’ship running mate

Popular Nollywood star, Tonto Dikeh, has been nominated as the running mate to Tonte Ibraye, for the governorship candidate of the African Democratic Congress...