Old Naira Notes: Apex Bank Turns Down Apex Court Ruling, Insists On Feb 10 Deadline

Nigeria apex bank, Central Bank of Nigeria, CBN has turn down the ruling of the country’s apex Court, Supreme Court of Justice, insisting there is no going back on the February 10, 2023 deadline for the usage of the old 1,000, 500, and 200 naira notes.

Godwin Emefiele, the CBN Governor stated this on Tuesday at a meeting in Abuja.

“I don’t have good news for those who feel we should shift the deadline; my apologies,” Emefiele said.

He stated that the 90-day timeframe already given for the exchange of the old naira notes for the new currency was enough time for Nigerians to visit their various commercial banks. Supreme Court of Justice has ruled that the February 10 deadline for the usage of the old 200, 500 and 1000 naira notes been canceled pending the determination of the case brought before it.

It would be recalled that the Supreme Court of Justice has ruled that the February 10 deadline for the usage of the old 200, 500 and 1000 naira notes been canceled pending the determination of the case brought before it.

Federal Government of Nigeria through the nation apex bank, Central Bank of Nigeria, CBN, had on Sunday 29, January 2023 extended the deadline for the usage of the old naira notes from January 31st 2023 to February 10, 2023.

Few days after, Supreme Court temporarily stopped the move by the Federal Government through the Central Bank of Nigeria to ban the use of the old naira notes from February 10, 2023.

The ruling chaired by a seven-member panel led by Justice John Okoro ended the federal government plan in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

The PUNCH reports that the February 10 deadline for the currency swap announced by the Central Bank of Nigeria pitted Governors Nasir El-Rufai of Kaduna, Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) against 14 political parties which threatened to boycott the February 25 election, should the CBN extend the time limit.

This is as a High Court of the Federal Capital Territory restrained the President, Major General Muhammadu Buhari (retd.), CBN, its Governor Godwin Emefiele and 27 commercial banks from suspending, stopping, extending or interfering with the currency swap terminal date.

The order was handed down on Monday by Justice E. Enenche following an application by four political parties.

That said, the three governors, who dragged the CBN and the Federal Government to the Supreme Court, were seeking a halt to the full implementation of the naira redesign policy initiated by the apex bank.

But, moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, urged the court to grant the application in the interest of justice and Nigerians.

He argued that the policy had led to an “excruciating situation that is almost leading to anarchy in the land”.

After careful consideration of the motion exparte in the application, Justice Okoro granted the prayer.

Ruling on the motion, Justice Okoro held that “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, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction”.

He, however, adjourned to February 15, 2023, for a hearing of the main suit.