Supreme Court says old naira notes Remains legal tender, FG Concedes

BY: News Peddlers 

Old nira note

Supreme has said it's decision on old nira note remains as the hearing of the case brought against the Central Bank of Nigeria (CBN)p has been adjourned by the Supreme Court.

Nigerians are left wondering whether the old N200, N500, and N1000 notes are still legal tender after the adjournment.

The court session on Wednesday clarified the situation.

The sole respondent in the suit, Abubakar Malami, the Attorney-General of the Federation (AGF), subsequently filed a preliminary objection challenging the court's jurisdiction to hear the case.

Malami, on the other hand, stated that the federal government would follow the order in accordance with the rule of law.

STANDING COURT ORDER

Abdulhakeem Mustapha, counsel to Kaduna, Kogi, and Zamfara, requested that the court issue an order directing the federal government not to impose a deadline on the old notes.

However, a seven-member panel of the apex court led by John Okoro, said there was no need to issue a fresh order as "the interim order is pending the hearing on the motion on notice".

Adeola Adedipe, a lawyer, responded to the announcement by saying that the federal government is still bound by the supreme court ruling until the case is heard and decided.

"It simply means that the interim order remains in effect pending the outcome of that motion," he explained to TheCable.

"And if it is perceived that any organ of government that ought to comply with it is in breach, then the plaintiffs know what to do. That is, enforcement proceedings will be initiated. But the court will not tell them."

THE LEGAL PROCEDURES

On February 8, the Supreme Court ruled on an ex parte application brought by three states: Kaduna, Kogi, and Zamfara, and restrained the CBN from enforcing the deadline for the use of old notes.

The court issued an interim injunction "restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on 10 February, the time frame with which the now older version of the 200, 500 and 1,000 denominations of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction".

Despite promises to comply with the order, some commercial banks, filling stations, and traders have stopped accepting customers' old naira notes.

(The Cable)