The old and new naira notes will continue to get recognized as ‘circulating medium’ in the country, the nation’s apex bank, the Central Bank of Nigeria, restated its position on the issue on Wednesday.
The apex bank noted that its branches across the country have been directed to continue to issue old and new N200, N500, and N1,000 notes in adequate quantities to Deposit Money Banks for onward circulation to bank customers until further notice.
The apex bank noted that the old N200, N500, and N1,000 would no longer be withdrawn from circulation .
Team@orientactualmags.com learned that the CBN announced this in a statement by its acting Director, Corporate Communications, Ali Sidi Hakama.
This directive was in response to the ruling delivered by the Supreme Court earlier in the day which vacated its decision on the old naira notes and ‘cancel’ its December 31, 2023, deadline in respect of the old N200, N500, and N1,000 notes.
Nigerians had for days now faced cash shortage and the development recorded on Wednesday has shown that there is ‘end in sight’.
Recall that the Federal Government had through the office of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), asked the Supreme Court to review its decision of March 3 which had stated that the old N200, N500, and N1,000 notes will be recognized as ‘circulating medium’ until December 31.
The CBN under Godwin Emefiele’s leadership had sought to withdraw the old N200, N500, and N1,000 notes from circulation in February this year.
Supreme Court had however described this as a hasty decision and ordered that the old notes should remain in circulation until December 31.
The Federal Government prayed for: ‘an order of this honourable court reviewing/or varying its consequential order contained in the judgment in Suit No: SC/CV/162/2023, delivered on the 3rd day of March 2023 to the effect that the old 200, 500 and 1,000 Naira notes should be legal tender until 31st of December 2023.
An order of this honourable court varying its consequential order contained in the judgment in Suit No: SC/CV/162/2023, delivered on the 3rd day of March 2023 to the effect that the old 200, 500, and 1,000 Naira notes should be legal tender until 31st of December 2023.
In view of the above, the 1 to 10 plaintiffs/respondents instituted Suit No: SC/CV/162/2023 under the original jurisdiction of this honourable court, seeking the nullification of the policy on the grounds that the policy is unconstitutional, having been carried out without: (i)adequate notice (ii)consultation with the respondents pursuant to Section 5(2) of the Constitution of the Federal Republic of Nigeria 1999 (as amended), (ii) making the new Naira notes to be in full circulation in the respondents’ states and (iv) putting in place necessary measures for the easement of the policy on the citizens of the respondents’ states’.
In a unanimous decision on Wednesday, a seven-man panel of the Supreme Court headed by Justice Inyang Okoro, granted the prayers.
‘The old versions of 200, 500, and 1,000 Naira notes/currency shall continue to be legal tenders alongside the new or designed versions until the government decides to bring the circulation of the old versions to an end after its consultation with critical stakeholders and after putting all required structures in place’ Justice Inyang Okoro submitted.
Justices Uwani Aba-Aji, Helen Ogunwumiju, Ibrahim Saulawa, Adamu Jauro, Tijani Abubakar, and Emmanuel Agim were also members of the panel-Team@orientactualmags.com
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