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

Date: 29-11-2023 6:56 pm (3 months ago) | Author: kacy lee
- at 29-11-2023 06:56 PM (3 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 (3 months ago) | Addicted Hero
- 419EXHBT at 29-11-2023 07:25 PM (3 months ago)
(m)
Normal. But, does Nigeria have a functional Central Bank at all ?
Posted: at 29-11-2023 07:25 PM (3 months ago) | Upcoming
Reply
- kp45 at 29-11-2023 08:25 PM (3 months ago)
(m)
Stupid cbn
Posted: at 29-11-2023 08:25 PM (3 months ago) | Addicted Hero
Reply
- gogoman at 29-11-2023 10:14 PM (3 months ago)
(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 (3 months ago) | Grande Master
Reply

fire TRENDING GISTS fire

TODAY'S TOP
  1. When The Time Comes, It Has Come’ – Video Of Mr Ibu’s Last Moment Surfaces

  2. Reno Omokri Reveals Reason Many Nigerian Women Will Remain Unmarried

  3. "Hike In Cement Price Has Rendered Us Jobless" - Artisans, labourers Cry Out

  4. ‘It Was An Unfortunate Statement' - Ex Aviation Minister Faults Tinubu Over Comment On Bribe

  5. Geometric Power Project: Ikpeazu, Otti Govt At Loggerhead Over Alleged $5m Investment

  6. 15 Suspects Arrested Over Looting Of Abuja Warehouse

  7. HARDSHIP: 'Don’t Repeat It' – Shehu Sani Warns FCT Residents Against Looting Govt Warehouses

  8. ‘I Feel Incredibly Privileged’ – Burna Boy Speaks About American City Honour

  9. “Don’t Fear Death, Prepare For It” – Yul Edochie Advises Fans Following Mr Ibu’s Death

  10. Zamfara Senator, Abdulaziz Yari Set To Distribute 358 Trucks Of Foodstuffs

  11. Nollywood Filmmakers, Fans Pay Tribute To Deceased Actor Mr Ibu

  12. Comedian, MC Pashun Reveals Current Economic Hardship Makes Him Misses Ex Pres. Buhari

  13. Hardship: Tinubu Can't Solve Nigeria's Challenges In 9 Months, Says Umahi

  14. "Why My Wedding Won’t Be Elaborate" – Actor, Broda Shaggi Reveals

  15. 'Sanwo-Olu's Promise Of Free Antenatal, Delivery Services A Mirage' - Lagos Residents Lament

  16. Ghanaian Pastor Flaunts Cash He Received As Offering After Church Service While Vibing To Song

  17. Police Arrests Driver With Pistol And Ammunition In Edo

  18. VID: Ogun Pastor Arrested For Abducting Member’s Daughter, Raping & Getting Her Pregnant

  19. Obasanjo, Peter Obi Meet Chief Imam Of Egbaland To Celebrate His 90th Birthday

  20. Nigerians Should Express Their Feelings Over Hardship In A Responsible, Mature Manner -Shettima


THIS WEEK
  1. Veteran Nollywood Actor, John Okafor Popularly Known As Mr. Ibu Is Dead

  2. "I Found Out He Was 51 On Our Wedding Day After Telling Me He Was 38" – Mr Ibu’s Daughter

  3. The Real Cause Of Nollywood Legend, Mr. Ibu's Death Revealed

  4. Ogun Serial Ritualist, Adebayo Azeez Reveals How He Gets His Victims From A Dating App (Video)

  5. Kizz Daniel Shows Off His Beautiful Wife As He Teases With New Music “Showa” (Video)

  6. "Late Herbert Wigwe Built State-Of-Art Private Tomb Before Death Struck" – Source Reveals

  7. Video of Late Sisi Quadri Complaining Bitterly About His Health in a Hospital Surfaces Online

  8. VIDEO: Police Parade Fleeing Female Anambra Lawyer Who Brutalized Maid With Hot Knife

  9. “How My Brother Collapsed On A Movie Set” - Sisi Quadri’s Brother Narrates How He Died (Video)

  10. “I Want To Die” James Brown’s Sister Gracious Brown Laments Bitterly


TOP MEMBERS: