Ten states have asked the Supreme Court to declare the new directive of President Muhammadu Buhari, reintroducing the old N200 notes and declaring old N500 and N1,000 notes as unconstitutional. On Thursday, President Buhari directed the Central Bank of Nigeria (CBN) to re-circulate only the old N200 notes. This is after the apex court did not vacate the order that …

The Central Bank of Nigeria (CBN) has directed banks to start collecting the old N500 and N1,000 notes from the public with immediate effect. It, however, pegged the maximum amount the banks can collect at N500,000. The CBN maintained that the old currencies were no more legal tender. A source from the bank said the CBN ordered the banks to …

The Centre for Democracy and Development (CDD) has condemned President Muhammadu Buhari for acting contrary to the order of the Supreme Court on the Naira swap policy. The apex court had ruled on 8 February and reinforced a week later that the policy should be suspended pending the hearing of the suit brought by several state governments against the Federal …

The Speaker of the House of Representatives, Rt. Hon. Femi Gbajabiamila has described President Muhammadu Buhari’s directive to the Central Bank of Nigeria (CBN) to reintroduce the old N200 note into circulation as a step in the right direction. However, the Speaker said the President’s directive falls short of the Supreme Court order that the old currencies remain legal tender …

Violent protests and other forms of reactions are witnessed in some areas as many Nigerians kick against the Naira notes swap policy by the Central Bank of Nigeria (CBN). Sporadic gun shots were heard along the Lagos-Ibadan expressway as the situation worsens. In lbadan, the Oyo State capital, residents again expressed their displeasure on the directive of President Muhammadu Buhari …

Governor Nasir El-Rufai of Kaduna State has faulted President Muhammadu Buhari’s directive limiting the legal tender status of old notes to only N200, He described the pronouncement as a total disregard of the Supreme Court on the matter. El-Rufai says the old and new notes remain legal tender in the state pending the supreme court’s decision. He noted that the …

A Senior Advocate of Nigeria, Ebun-Olu Adegboruwa has said that President Muhammadu Buhari’s broadcast on Thursday’s morning in which he said the old N500 and N1,000 notes have ceased to be legal tender from last Friday amounted to a contempt of court. According to the lawyer-cum-activist, the President cannot overrule the Supreme Court of Nigeria. On Wednesday, 8 February, the Supreme …

The Central Bank of Nigeria (CBN) has created a portal for the collection of the old Naira notes as the deadline to submit to banks directly elapsed last Friday. The CBN published a notification titled ‘Redemption of Currency Notes’ on its website. The notification delivers a link to the portal to enable users redeem (deposit) their old N1,000, N500, and …

President Muhammadu Buhari may extend the validity of the old Naira note till 10 April. According to an exclusive report by TheCable, the decision is to avoid disobeying the order of the Supreme Court of Nigeria which ruled that the old N1,000, N500 and N200 notes remain valid until it delivers judgment in the case filed by some states against …

The Lagos State Government has warned against the rejection of the old Naira notes, warning that those in that habit would face prosecution. Controversy dogs the Naira swap policy as the Central Bank of Nigeria (CBN) insists on not extending the 10 February deadline for the old N200, N500 and N1,000 despite the order of the Supreme Court to stay …