New notes, CBN Gov Emefiele with President Buhari
The Supreme Court has served its ruling on the recirculation of the old N200, N500, N1,000 notes to the Attorney General of the Federation and Minister of Justice, Abubakar Malami.
According to a document sighted by a national newspaper, the Supreme Court drew-up orders of its March 3rd ruling on the currency redesign case with proof of service to the Attorney-General of the Federation.
A source noted that the documents were served on Friday, March 10th, and that not later than Monday, the CBN should be able to comply with the order.
“I expect the CBN to issue Guidelines to banks stating that the 500 and 1000 notes will be released and telling them to put them back into circulation. Not later than Monday. It’s straightforward. Let’s see what they do,” the source said.
Further reports said that Paragraphs 9 and 10 of the final page of the document stated that the old version of N200, N500 and N1,000 naira notes shall continue to be legal tender alongside with the new or redesigned version until December, 31, 2023, and that the reception of old N200, N500 and N1, 000 naira notes and the swapping of same with new naira notes shall continue till December, 31, 2023.
Recall that the Nigerian social media space went abuzz with reactions to the Supreme Court’s judgement on Friday, March 3rd, which ordered that the old N200, N500, N1,000 notes remain in circulation till December 31, 2023.
Reports said Justice Emmanuel Agim, who read the lead judgement, nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
The apex court held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the federation and states, must involve law or facts and that President Muhammadu Buhari in his broadcast, admitted that the policy is flawed with a lot of challenges.
