SUPREME COURT HAS SET THE JUDGMENT DATE FOR MARCH 3 IN NEW NAIRA (WATCH)

The judgment on the consolidated suit brought by 10 state governments contesting the CBN's naira redesign strategy has been postponed until March 3rd, with the Supreme Court ruling that the Old Naira notes still remain Legal Tender.

The Attorney General of the Federation's preliminary objection, which questions the court's authority as well as the authority of the states of Edo and Bayelsa, will also be heard by the court.

Yet, the federal attorney general and the governor of the central bank are the targets of a contempt action brought by the states of Kaduna, Kogi, and Zamfara.

The Supreme Court's order regarding the old Naira note is alleged to have been disregarded by the AGF and CBN governor.

The Supreme Court maintained that its February 8 judgment prohibiting the Federal Government and its agencies from enforcing the February 10 deadline still stands and declared the old N200, N500, and N1000 to be legal money.

The court's clarification came as a result of the attorney's complaint to the states of Kaduna, Kogi, and Zamfara. Abdulhakeem Mustapha (SAN), the Federal government and its agencies allegedly ordered the rejection of the old notes despite not following the directive.

The Supreme Court issued a temporary injunction prohibiting the Federal Government of Nigeria, acting alone or through the Central Bank of Nigeria (CBN) and/or commercial banks, its agents, agencies, corporations, ministries, parastatals, organizations, or through any person or persons (natural or artificial), howsoever, from suspending, determining, or terminating on the 10th of February 2023 the timeframe in which the now-outdated 200, 500, and 1 denomination notes will continue to be valid.

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