Old And New Naira Notes to Co-Exist As Legal Tender Till Further Notice - Supreme Court

Date: 29-11-2023 6:56 pm (11 months ago) | Author: kacy lee
- at 29-11-2023 06:56 PM (11 months ago)
(f)

The Supreme Court has ruled that both the old and the redesigned Naira banknotes remain valid legal tenders in the country beyond December 31.

The apex court, in a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, November 29 said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.

The order comes after an application was moved on behalf of the federal government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.

On March 3, the court nullified the ban on the use of the old N200, N500, and N1000 banknotes as valid legal tenders by the President Muhammadu Buhari-led administration.

The court held that the old Naira notes should be used alongside the redesigned currencies until the end of the year.

In its lead judgement delivered by Justice Emmanuel Agim, the apex court slammed the FG for unilaterally introducing the demonitization policy through the Central Bank of Nigeria, CBN, without consulting the Council of States, the Federal Executive Council, the National Security Council, the National Economic Council, Civil Society Organizations and other relevant stakeholders.

It held that the FG failed to give valid notice to all the federating units before it decided to withdraw the old banknotes from circulation and introduce new ones.

The Supreme Court maintained that evidence before it established that a purported notice on the monetary policy was through “mere press remarks” by governor of the CBN, Mr. Godwin Emefiele.

It held that such remarks did not qualify as “reasonable notice” to the states as envisaged under section 20(3) of the CBN Act.


Posted: at 29-11-2023 06:56 PM (11 months ago) | Addicted Hero
- 419EXHBT at 29-11-2023 07:25 PM (11 months ago)
(m)
Normal. But, does Nigeria have a functional Central Bank at all ?
Posted: at 29-11-2023 07:25 PM (11 months ago) | Upcoming
Reply
- kp45 at 29-11-2023 08:25 PM (11 months ago)
(m)
Stupid cbn
Posted: at 29-11-2023 08:25 PM (11 months ago) | Addicted Hero
Reply
- gogoman at 29-11-2023 10:14 PM (11 months ago)
Online (m)
shame!! i guess no paper to print money again or ink don finish!!! na so Nigerian passport office dey talk  Roll Eyes Roll Eyes Roll Eyes
Posted: at 29-11-2023 10:14 PM (11 months ago) | Grande Master
Reply

fire TRENDING GISTS fire

TODAY'S TOP
  1. VIDEO: Pastor Ebuka Reacts To Equatorial Guinea's Baltasar Engonga's Leaked S*x Tape With Women

  2. Singer, Paul Okoye Celebrates Ex-wife’s Birthday In A Special Way

  3. Lady Laments Being Single At 30, Says Men She Loves Aren’t Ready To Settle

  4. How Terrorists Behead Two Women For Refusing To Get Raped In Niger State

  5. Ogun Court Jailed 19Yr Old Teenager For Stealing 282 Chickens, Other Valuables Worth ₦2.2m

  6. Brighton v Manchester City: English Premier League Match,Team News,Goal Scorers and Stats

  7. Court Dismisses Criminal Summons Against Edo Governor-Elect Okpebholo

  8. Police Bust Kidnap Syndicate In Kaduna, Arrest Three, Recover AK-47 Rifle

  9. Liverpool v Aston Villa: English Premier League Match,Team News,Goal Scorers and Stats


THIS WEEK
  1. Charles Inojie Reacts After Lady In Viral S3x Tape With Baltasar Ebang Allegedly Killed Herself

  2. EquitorialGuineaGATE - Man Confronts Wife After He Watched Her Scene In Leaked Videos

  3. "Why The Equatorial Guinea Guy Is Every Woman’s Dream Man" – Sarah Martins

  4. Leaked S*x Tapes: 'If The Equatorial Guinea Guy Sues The Govt, He Will Definitely Win' -Sonia

  5. Phyno Joins Other To React To Viral Scandal Involving Equatorial Guinea ANIF Director

  6. “He Drugged Me, Hit Me, Tied Me Up, And Smashed My Phone” -BBN Soma's Ex Lover Hilda Calls Him

  7. PHOTOS: Veteran Actress, Sola Sobowale Beams With Joy As Daughter Gets Married

  8. Actress Regina Chukwu Reacts After Dogs Reportedly Mauled Security Guard To Death

  9. Equatorial Guinea: Davido Reacts To Baltasar Engonga’s Over 400 Leaked S3x Tapes

  10. VeryDarkMan Hails Tinubu’s Decision To Free Minors Detained In #EndBadGovernance Protest


TOP MEMBERS: