Old and new naira notes will co-exist until further notice

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The Supreme Court has dominated that each outdated and redesigned Naira notes stay legitimate authorized tender within the nation after December 31.

The apex court docket, in a ruling by a seven-man panel led by Justice Inyang Okoro, on Wednesday, November 29, mentioned the notes ought to stay in circulation pending when the Federal Government, after due session with stakeholders related, decide on the matter.

The order comes after a request was made on behalf of the federal authorities by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.

On March 3, the court docket overturned the ban on using the outdated N200, N500 and N1000 notes as legitimate authorized tender by the President Muhammadu Buhari-led administration.

The court docket held that the outdated Naira notes must be used alongside the redesigned currencies by the top of the 12 months.

In its ruling delivered by Justice Emmanuel Agim, the excessive court docket criticized the FG for unilaterally introducing the demonetization coverage by way of the Central Bank of Nigeria, CBN, with out consulting the Council of States, the Federal Executive Council, the National Security Council, the National Council Economic Council, Civil Society Organizations and different related stakeholders.

He maintained that the GF didn’t give legitimate notice to all models of the federation earlier than deciding to withdraw outdated banknotes from circulation and introduce new ones.

The Supreme Court held that the proof introduced established that an alleged warning about financial coverage was made by way of “mere comments to the press” by the CBN Governor, Mr.

It held that such observations didn’t qualify as “reasonable notice” to the states as supplied for in part 20(3) of the CBN Act.

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Source: www.lindaikejisblog.com