Also, the confusion on the validity of the old notes or otherwise and politicking around the Central Bank of Nigeria (CBN)’s cashless policy, particularly by the politicians is expected to reduce as clearer picture is expected to emerge.
Metrobusinessnews.com reports that the state governments of Kaduna, Kogi, and Zamfara had, on February 3, dragged the Federal Government to the Supreme Court over the naira redesign policy of the CBN.
The states urged the Supreme Court to compel President Muhammadu Buhari, the CBN, and commercial banks to rescind the February 10 deadline for the old N200, N500, and N1,000 banknotes as Nigeria’s legal tender
Ruling last week Wednesday, the Supreme Court ordered the Federal Government to halt the implementation of the currency redesign policy pending the determination of the substantive suit.
The apex court, in a unanimous ruling, restrained the Federal Government, CBN, and commercial banks from implementing the deadline for the old 200, 500, and 1000 naira notes to stop being a legal tender.
The apex court also stopped the three defendants from continuing with the deadline pending the determination of a notice in respect of the issue.
MBN had reported that confusion had continued to trail the judgement as the banks had since stopped accepting the notes, leaving the citizens in their confused and impoverished state.
However, MBN understands that the apex court is set to take a decision on old Naira notes validity today in FCT, Abuja.
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But CBN had said that with the level of calmness and substantial improvement in the availability of new notes, there was no need to extend the deadline, promoting the bans’ action.