FG Takes Decision On Old Naira Notes Deadline

,,,,,Federal Government has taken a decision on the Feb 10 Old Naira Notes Deadline.

Recall that the Supreme Court on Wednesday, February 8, 2023, temporarily halted the move by the Central Bank of Nigeria (CBN), to ban the use of the old naira notes from February 10, 2023.

,,,,,This online news platform understands that a 7-member panel led by Justice John Okoro halted the move while ruling in an ex-parte application brought by three northern States of Kaduna, Kogi, and Zamfara.

,,,,,The three States had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Moving the application on Wednesday, A. I. Mustapha (SAN), counsel to the applicants, had urged the apex court to grant the application in the interest of justice and the well-being of Nigerians.

,,,,Mustapha stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land.”

The ruling has since generated mixed reactions from across the country.

While some citizens, including the camp of the APC Presidential candidate, Bola Tinubu are hailing the ruling, others have asked President Muhammadu Buhari to override it with an executive order.

A few hours after the ruling, Godwin Emefiele, the Governor of the CBN, met with President Buhari at the Aso Rock Villa.

Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), has already filed processes challenging the jurisdiction of the Supreme Court to suspend the scheduled deadline.

,,,,,,In a preliminary objection he filed on behalf of the Federal Government, Malami applied for an order striking out the suit that three Northern States filed to halt the full implementation of the new monetary policy that was introduced by the Central Bank of Nigeria, CBN.

The AGF is the sole defendant in the suit marked: SC/CV/162/2023, where he applied for its outright dismissal on the basis that the three States lacked the locus-standi.

Listing his grounds for challenging the power of the Supreme Court to intervene in the matter, AGF Malami accused the three States of opposing the Federal Government’s power, through its agency, the CBN, to withdraw old banknotes and introduce new ones.

,,,,,In a related development, the governor of Kaduna State, northern Nigeria, Nasiru El-Rufai has urged citizens to disregard the Central Bank’s directive and continue to transact with old denominations of the naira notes which the apex bank is phasing out.

This online news platform understands that Governor El-Rufai who spoke in Hausa said the policy would be reversed once the Presidential Candidate of the All Progressive Congress (APC), Bola Tinubu, becomes president.

“Everyone, especially people in Kaduna should not be disturbed because of the naira swap deadline,” said the Kaduna governor in the Hausa language. “Continue running your businesses and daily activities with whatever notes (old or new) you have.”

,,,,,,The governor added, “And we will address this problem as soon as we win the election. That will be the first issue to tackle if we win the election.”