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Supreme Court Rules Against CBN Over Old Naira Notes

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Supreme Court Rules Against CBN Over Old Naira Notes

The Supreme court has temporarily stopped the Central Bank of Nigeria from withdrawing the old Naira notes.

According to reports, the apex court delivered the ruling in a suit filed by Governors Nasir El-Rufai, Yahaya Bello, and Bello Matawalle of Kaduna, Kogi, and Zamfara respectively.

The three Governors; Nasir El-Rufai, Yahaya Bello, and Bello Matawalle sort a temporal court order to stop the ruling government and the Central Bank of Nigeria from continuing the implementation of the Naira redesign policy.

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The Governors argued to the court that the demonetization policy of the regime is in violation of the extant provisions of the Central Bank of Nigeria Act, 2007, the Nigerian Constitution.

The Governors also requested the bank to declare sufficient notice for the use of the older versions of the naira notes, adding that it is a violation of Section 20(3) of the CBN Act 2007 to make denominations lose their legal tender status.

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The Governors also requested the court using Section 20(3) of the CBN Act 2007 to point out that the federal government, acting through the CBN, lacks the authority to set a deadline for accepting and redeeming banknotes issued by the Bank.

Hammed Tajudeen is a graduate of Osun State Polytechnic, Iree with Higher National Diploma (HND) in Mass Communication

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