Today22 March, 2023

Supreme Court’s directive on old Naira notes subsists”

“Supreme Court’s directive on old Naira notes subsists”

A Senior Advocate of Nigeria, Babatunde Ogala, has said that the Supreme Court’s Order of February 8 that the old notes remain legal tender until the suit instituted by three States against the Federal Government has been heard and determined subsists.

According to The Nation,
Ogala said this in an interview, noting that since there was no pronouncement by the court vacating the order at its sitting on Wednesday, the order remains in force.

He said the order was clear, straightforward and qualified. He said the order was therefore more than seven days that an interlocutory order should last.

The apex court in the February 8 ruling, said: “After careful consideration of this ex-parte application, and the grounds in support of same, this court finds that there is real urgency for this court to intervene by the grant of this application.

“Accordingly, this application is hereby granted as prayed.

“That is to say, an order of 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 N200, N500 and N1,000 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.”

Ogala said until March 3 when the Supreme Court gives its judgment, the old N500 and N1000 notes remain legal tender.


Leave a Reply

Your email address will not be published. Required fields are marked *