The Supreme Court of Nigeria has restrained the Federal Government of Nigeria from implementing the February 10 Deadline set for 200, 500 and 1000 naira notes, as legal tenders.
The court held that the Federal Government of Nigeria, the apex Bank and the commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue on 15 February.
As a result of the ruling, the old naira note will continue to be legal tenders in Nigeria.
The CBN had on 26 October, 2022, announced its plan to redesign the three banknotes.
President Muhammadu Buhari subsequently unveiled the redesigned N200, N500, and N1,000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.
The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.
With cries by many Nigerians, the apex bank extended the deadline from January 31 to February 10, saying it got the approval of the President.
On Friday, President Buhari, after a meeting with some APC Governors, asked for seven days to make a major decision on the policy.
Meanwhile, the Presidential candidate of the ruling All Progressives Congress (APC), Asiwaju Bola Ahmed Tinubu has commended Governors of the 36 States for rising us to save the poor masses from the difficulties brought about by the cash swap by the CBN.
In a statement today, February 8, the spokesman of the APC’s Presidential Campaign Council, Bayo Onanuga quoted Asiwaju Tinubu as commending the Governors for standing on the side of the Nigerian people over the Central Bank new Naira and cashless policies that have subjected the masses to pains.
According to Asiwaju Tinubu, the Governors, especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians who have been made to bear the brunt of Naira redesign policy that has been poorly implemented.
The law suit was brought before the Supreme Court by the governments of Zamfara, Kogi and Kaduna States.
The Court gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed.
Following the apex court ruling, Asiwaju Tinubu noted that the governors have saved the country from a needless political and economic crises and miseries which have clearly become the unintended consequences of the monetary policy of the apex bank.
Asiwaju Tinubu noted that the Supreme Court ruling coincided with the advisory of the International Monetary Fund urging for the extension of the deadline for the swap of the old naira notes, going by the problems being experienced across the country in getting the new notes.
“I want to salute the courage of our Governors and most especially the Progressives Governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the Central Bank policy on new Naira notes has brought on our country.
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling our country has been pulled back from the precipice. We thank our Supreme Court Justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The Federal Government and relevant stakeholders can now sit down and work out better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
“Those countries give a long time, at least 12 months to effect the currency change. They do not engage in CBN-like Fire Brigade approach.
“We have seen how a good policy can be poorly implemented to cause unintended problems for the people who should be the beneficiaries. While lessons have been learnt, we must now move on as a country and people with a Renewed Hope for a better tomorrow.
“The sole aim of my running to be the president of our country is to make life better and more abundant for our people and this is an ideal for which I will remain eternally committed to.”
Asiwaju Tinubu called on the CBN to ensure that the Supreme Court ruling is effectively executed by taking all necessary steps to ensure sufficient availability of Naira notes (whether old or new) and properly sensitising the public on the ruling and the consequent validity of old Naira.”
