Recoloured Naira: Supreme Court adjourns hearing on CBN deadline
The Supreme Court on Wednesday adjourned until February 22 the hearing in a suit filed by Kaduna, Kogi, and Zamfara states against President Muhammadu Buhari’s regime.
The states sought a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria (CBN).
Last week, a seven-member panel led by Justice John Okoro halted the move in a ruling in an ex parte application brought by three northern states.
The three states had specifically applied for an order of interim injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, the time frame with which the now older version of the N200, N500 and N1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”
However, on Tuesday, the CBN Godwin Emefiele insisted that the N200, N500 and N1,000 banknotes ceased to be legal tender on February 10, an earlier deadline.
“No doubt there are pockets of pressure in some areas. The CBN is working hard to shift pressure and resources to those areas in order to ease the tension,” Mr Emefiele claimed. “The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.”
The CBN governor added, “There is, therefore, no need to consider any shift from the deadline of February 10.”
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
World
Guterres condemns Flydubai mid-air attack, says tragedy averted
The UN chief condemned actions that could endanger passengers and compromise the safety of international civil aviation.
Economy
Obasanjo, Jonathan, Buhari bungled Nigeria’s economy; I’m doing things differently: Tinubu
“For too long, Nigeria’s leaders chose morphine while praying for a miracle that never came. They focused on symptoms while allowing the disease to take hold,” said Mr Tinubu.
Economy
Tinubu doubles down in national broadcast, says harsh reforms necessary to rescue Nigeria’s floundering economy
“The reforms that followed were difficult,” Mr Tinubu said. “The side effects were real. Yet, we must never confuse the medicine with the disease.”
Anti-Corruption
Nigerians must stop celebrating unexplained wealth: Ex-Minister
Iyorwuese Hagher, a former deputy minister for power and steel, has called on Nigerians to end the culture of celebrating people with unexplained wealth.
Africa
Zimbabwean millionaire Wicknell Chivayo, wife killed in helicopter crash
His wife, Lucy, and four others were among the casualties when the aircraft crashed near Marondera on Wednesday.
States
Navy rescues two kidnap victims, recovers stolen engines in Akwa Ibom
The commander urged owners of the recovered outboard engines to provide proof of ownership in order to reclaim their property.
