Connect with us


Supreme Court Issued a New Ruling in its case Against the CBN’s New Naira Note.



Wema Bank Alat

Supreme Court issued a new ruling in its case against the CBN’s new naira note.

The Supreme Court postponed the case involving the CBN’s naira swap policy on Wednesday, February 15, according to current sources.


As reported by Channels TV, the apex court adjourned proceedings until Wednesday, February 22.

Recall that at the previous court session, the Supreme Court gave a ruling against the stipulated deadline for the usage of the naira note communicated by the CBN to the public.

The apex court mandated that the collection of old notes should remain valid temporarily until a proper resolution was reached.

The CBN, on the other hand, did not heed the ruling of the apex court, as it went on to implement and enforce its stipulations declaring the old naira notes illegal.

As reported by the Vanguard newspaper, Kaduna State Governor Nasir El-Rufai and his Kogi State counterpart, Yahaya Bello, were present at the court premises for the hearing.

NewsReport indicated that, the federal government and CBN are facing legal battles on all fronts, with states such as Kaduna, Zamfara, and Kogi already filing lawsuits against the implementation of the new naira policy.

Similarly, states like Ekiti, Ondo, Kano, and Nigeria also followed the trend of filing a joint suit against the federal government and CBN.

Meanwhile, the Lagos State government, led by its Attorney General, Moyosore Onigbanjo, and the Bayelsa State government, led by Damian Dodo, have also resorted to filing an application to join the suit.

In another development, the Supreme Court has once again affirmed the validity of the use of old 200, 500, and 1000 naira notes.

According to the apex court, the February 8 hearing that paused the implementation of the February 10 ban on the use of old naira notes still exists.

The clarification from the court followed a complaint by Abdulhakeem Mustapha (SAN), lawyer to the Kaduna, Kogi, and Zamfara states.




Copyright © 2021 NewsReport. Designed by DasodHub.

Verified by MonsterInsights