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BREAKING: Supreme Court adjourns governors’ suit on old Naira notes

The Supreme Court on Wednesday adjourned the case on the Naira swap policy of the Central Bank of Nigeria (CBN) till February 22 for hearing of the consolidated suits by 10 states.

POLITICS NIGERIA reports that CBN had originally fixed January 31 as the deadline for old notes to be in circulation but extended it in response to pressure from Nigerians.

However, before the February 10 deadline, Kogi, Kaduna and Zamfara States approached the Supreme Court, seeking that the CBN from be restrained going ahead with the deadline.

Wednesday’s hearing, led by Justice John Okoro, had the governors of Kaduna and Kogi states, Nasir El-Rufai and Yahaya Bello, respectively in attendance.

Other states, namely Niger, Lagos, Kano, Ondo, Ekiti, had also applied to be joined in the suit against the CBN and the Federal Government.

Justice Okoro stated that the apex court would not lose sight of the case as it affects Nigerians.

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31 Comments

    1. Yes l listened to the announcement this afternoon, the supreme court stated that their previous order still subsists, meaning that the old notes are still legal tender until the case is heard on the said adjourned date being Wednesday 22 February, 2023

  1. Nigeria, CBN and court are a disgrace to the financial institution; now the common man is more confused to collect or reject. GOD help us ooh.

  2. I still not know my stand about this information now can we still go ahead and be making use of the old note or not ? Simple

  3. Those Governors are doing all this for there selfish interest, they know how much they have in there houses to buy our votes but if CBN successful band the use of old monies they’ll definitely suffer it during this e
    lection. My prayers to CBN, may God Almighty give them luck over the enemies of our country and enemies of free and fair election. Say no to old naira notes, say no to vote buying plan

  4. Is the old naira notes still legal to use on our daily activities even after the adjourned from supreme court?

  5. the points from supreme Court is clear to some nigeria who are on online, am interested to be online, let’s the update continue as usual, thanks

    1. From my understanding and interpretation it means the old note is still legally acceptable as a means of transaction in Nigeria, the central bank is only making life difficult for Nigerians despite their carelessness and unprofessional conduct in handling the naira swap process, I fact the central bank governor should be sacked!

  6. The Governor,
    Central Bank of Nigeria,
    Abuja, Nigeria.

    Sir,
    REASONS FOR THE FAILURE OF NAIRA REDESIGN AND CASHLESS POLICY IN 100 DAYS AND SOLUTIONS
    Reference to the events going on in Nigeria, it is our wish to intimate you of what we thought was the reason for the failure of Naira Redesign and Cashless Policy (NR & CP) in Nigeria and suggest solutions to them. These go thus:
    REASONS FOR THE FAILURE OF NR & CP IN NIGERIA
    1. Nonchalant attitudes of Nigerians to the Policies of Federal Government of Nigeria.
    2. Corruption or Desire of the Top-Civil Servants (TCS) to frustrate any public policy that would allow the money syphoned by them to be traceable. This is caused by the limitations given to the money that can be spent by Top Public Officers (TPO) in Cash. Both TCS and TPO do not want the public monies spent by them to be traceable.
    3. Selfish and Unpatriotic Politicians. The Presidential Aspirant of a political party who thought the current Currency Redesign and Cashless Policy was targeted at his candidature for the highest political policy in the nation.
    4. Political Pessimists. So many people belief that this government cannot be successful.
    5. Ignorant people who talk on the Mass Media (Radio, Television and other Mass Media) with the certainty that they knew everything going on and have solutions to every problem.
    6. Opportunistic Bank Staff (OBS) and Opportunistic POS Operators (OPO) who saw Naira Redesign and Cashless Policy (NR & CP) as opportunities to make quick money.
    7. Postponement by ten days. A considerable number of poor people had no Old Naira Notes (ONN) with them again since about five days before January 31st decided to stop the policy, in the first instance. The postponement made the non-compliant Nigerians to enjoy while the compliant Nigerians suffer.
    8. Absence of Recording Channels for those that still having the ONN with them as at 31st January, 2023.
    9. Irregular Supply of Electrical Power. Many people do not have electricity to power their phones for cashless policy.
    10. Poor Service from Internet Service Providers (ISP). The Internet Service provided by ISP are poor and costly.
    SOLUTIONS TO THE FAILURE OF NR & CP IN NIGERIA
    1. Nigerians should take government policies serious.
    2. TCS and TPO should avoid corruption and be ready to assist all government policies.
    3. All politicians must shelf personal interests for national interests.
    4. Politicians, especially those in the ruling party, must be optimistic of the present government.
    5. People who talk on the Mass Media should know their limitations.
    6. Appropriate laws must be made to check the unscrupulous Bank Staff and POS Operators.
    7. There should be no more extension of the program for the twin program so that the compliant Nigerians would benefit from their compliance and the non-compliant would pay for their disobedience.
    8. There should be Recording Centres (Online Recording Centres or Email Addresses and Physical Recording Centres at all 774 Local Governments in Nigeria) where all Nigerians who still have ONN would record them with respect to their account numbers, denominations and total amount. This will give Nigerians the assurance that they would get their ONN changed to NNN for them by the CBN.
    9. Electricity Distribution Centres should wake up to their responsibility by supplying electricity to their customers always.
    10. The Internet Service Providers should increase the supply of their products and minimize the prices charged.
    While wishing you the best of National Service,
    I remain,

    Yours Patriotically,

    Mufutau Ayinla ABDUL-YAKEEN (PhD)
    Chief Instructor, Al-Huliyaa Instructional Services and Training Limited.

  7. A Lots of people are rejecting this old note even some commercial banks then new hasn’t circulated yet what do people spend? No new naira note no old note how do we survive this! People are confused Mr President and Mr governor
    Wetin dey sup?

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