The Supreme Court has ordered that the old N200, N500, N1,000 notes remain in circulation till 31 December 2023. In its ruling on Friday, the apex court also nullified the Federal Government’s Naira redesign policy, declaring it as an affront to the 1999 Constitution. The Supreme Court delivered judgment in the suit brought against the Federal Government on the Naira …

Nigerians are anxiously awaiting the Supreme Court’s decision on the Central Bank of Nigeria’s (CBN) new Naira policy. Some state governments recently filed a suit against the Federal Government over the Naira swap policy. In their most recent hearing, a nine-member panel of the Supreme Court led by Justice John Okoro scheduled judgment for 3 March. Kaduna, Kogi, Zamfara, Katsina, …

The Supreme Court has said that it will deliver judgment in the suit challenging the Naira redesign policy of the Central Bank of Nigeria (CBN) on 3 March. The seven-member panel of the apex court communicated the decision on Wednesday. Earlier in the day, the Supreme Court had consolidated various suits instituted by state governments – numbering 10 – with …

The Supreme Court on Wednesday consolidated various suits instituted by state governments – numbering 10 – with the most recent joiner being Abia State. The suit is challenging the implementation of the Naira redesign which introduced late last year. The motion for the consolidation was argued by counsel for Rivers State, Emmanuel Ukala. Ukala, while moving the motion on notice, …

The governments of Kaduna, Kogi and Zamfara States have filed a contempt proceeding against the Attorney General of the Federation (AGF), Mallam Abubakar Malami and the Governor of Central Bank of Nigeria, Mr Godwin Emefiele, for failing to comply with the order of the Supreme Court suspending the ban on the old N200, N500 and N1,000 notes. A fresh proceeding …

The National Chairman of the All Progressives Congress (APC), Senator Abdullahi Adamu and the Progressive Governors Forum (PGF) on Sunday called for compliance by the Federal Government to the Supreme Court order on the controversial naira swap policy. The call came on the heels of a meeting between Adamu and the APC governors in Abuja over a policy that seemingly deepens …

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 Jigawa State Government has vowed to enforce the Supreme Court order restraining the Federal government from banning the old naira notes as legal tender. This was contained in a public notice made available to newsmen by the Jigawa State Commissioner for Special Duties Auwal Sankara. According to the public notice, commercial banks, corporate organisations, ministries, agencies, and traders must …

Lagos State Attorney-General and Commissioner for Justice, Mr Moyosore Onigbanjo has said that the rejection of the old Naira notes is contrary to the Supreme Court’s stand.  As guest on TVC Business Show aired on Thursday, Onigbanjo, who is a Senior Advocate of Nigeria, said that petrol stations, banks and others who reject the old notes could be prosecuted.   …

The Supreme Court this morning adjourned hearing till 22 February in a suit filed by Kaduna, Kogi and Zamfara States against the Federal Government seeking a restraining order to stop the full implementation of the Naira redesign policy of the Central Bank of Nigeria (CBN). Last Wednesday, the apex court had restrained the Federal Government from implementing the 10 February …