Naira Redesign: Supreme Courtroom Insists Previous Naira Notes Nonetheless Authorized Tender

The Supreme Courtroom has stated that the previous N200, N500, and N1000 are nonetheless authorized tender, insisting that its February 8 order barring the Federal Authorities and its businesses from implementing the February 10 deadline nonetheless subsists.

The court docket made the clarification on Wednesday following a criticism by the lawyer to Kaduna, Kogi, and Zamfara states, Abdulhakeem Mustapha (SAN) that the Federal authorities and its businesses have didn’t adjust to the order and have allegedly directed the rejection of the previous notes.

Mustapha stated the plaintiff filed a discover of non-compliance with the order of the court docket order made on February 8 and demanded that the court docket take motion towards the respondent to guard the dignity of the court docket.

He added: “That order has been flouted by the federal government. We’re speaking of government lawlessness right here. We now have filed an affidavit to that impact…We would like the court docket to resume the order for events to be correctly guided.”

Justice John Okoro, who presided over a seven-member panel of the court docket, requested Mustapha to file a correct utility to place ahead his complaints and to allow the respondent to reply appropriately.

Justice Okoro stated there isn’t a want for a renewal of the court docket’s order.

He famous that, because the order made by the court docket on February 8 was made pending the willpower of the movement for injunctions filed by the plaintiff, the order nonetheless subsists because the movement was not but heard.

The court docket had, within the February 8 ruling, stated: “After cautious consideration of this ex-parte utility, and the grounds in assist of similar, this court docket finds that there’s actual urgency for this court docket to intervene by the grant of this utility.

“Accordingly, this utility is hereby granted as prayed.

“That’s to say, an order of interim injunction restraining the Federal Authorities of Nigeria, both by itself or appearing via the Central Financial institution of Nigeria (CBN) and/or the industrial banks, its brokers; businesses, firms, ministries, parastatals, organizations or via any individual or individuals (pure and synthetic) howsoever, from suspending or figuring out or ending on the tenth of February 2023 the timeframe inside which the now older variations of the 200, 500 and 1000 denominations of the naira might not be authorized tender, pending the listening to and willpower of the plaintiffs/candidates’ movement on discover for interlocutory injunction.”

The Supreme Courtroom has nonetheless fastened February 22 for a listening to of the swimsuit filed by Kaduna, Kogi, and Zamfara states difficult the propriety of the naira swap coverage of the Federal Authorities.

The court docket selected the date after becoming a member of the Attorneys Basic of Katsina Lagos, CR, Ondo, Ogun, Ekiti, and Sokoto states as co-plaintiffs within the earlier swimsuit filed by Kaduna, Kogi, and Zamfara states.

The court docket additionally joined the Attorneys Basic of Edo and Bayelsa states as co-respondents. Each states elected to facet with the Lawyer Basic of the Federation (AGF) initially listed as the only respondent.

The court docket ordered that the fits filed individually by Nasarawa, Rivers, and Kano states on the identical situation be consolidated with those filed by Kaduna, Kogi, and Zamfara states.

The court docket ordered events to file all crucial paperwork earlier than the listening to set for subsequent Wednesday.

Justice Okoro, earlier than adjourning, informed the lawyer to the AGF, Kanu Agabi (SAN) to advise his shopper to make sure the provision of forex for the folks.

“Inform your shopper to let folks have cash. In the event that they go to the ATM and the plaintiffs will come and withdraw the case. Generate income accessible to the poor plenty.

“You must know {that a} hungry man is an indignant man. I say no extra,” he stated.

Responding, Agabi stated Nigerians had been solely blaming the federal government for his or her poverty.

“Many individuals don’t have cash. They blame it on the Federal authorities and the AGF. I don’t have cash too.

“Issues have been unhealthy for a very long time. It isn’t at present that the issues began,” Agabi stated.

Governors Nasir El-Rufai and Yahaya Bello of Kaduna and Kogi states had been in court docket to witness proceedings.

Talking after the court docket proceedings, Bello stated the states aren’t at struggle with the Fed authorities over its cashless coverage however are solely involved about its unfavorable influence on the residents, who at the moment are denied entry to their funds.