On Wednesday, the Supreme Court adjourned the suit by three state governors. The suit was filed after the deadline issued by the Central Bank of Nigeria (CBN), which was the timeline for Nigerians to exchange their old notes for new ones.
The apex court set a hearing on the consolidated suits next Wednesday (February 22).
It comes a day after the presidency dismissed as false the assertion that the federal government or the Central Bank of Nigeria (CBN) had refused to recognise old N200, N500 and N1,000 notes as legal tender despite a Supreme Court ruling.
Zamfara, Kaduna, and Kogi approached the Supreme Court of Nigeria for relief on behalf of their residents to challenge the Feb. 10 CBN deadline for old naira notes to cease to be legal tender.
The Supreme Court, in its ruling on Feb. 8, directed all parties to maintain the status quo and quashed the Feb.10, 2023, deadline until the case was determined. The case was adjourned to Feb. 15, 2023.
However, despite the Supreme Court ruling, financial institutions, including banks, filling stations, supermarkets, and other business owners, have rejected the old Naira notes.
Some banks were reported to have based their decision to reject the old notes on a circulation emanating from the CBN.
The Governor of the CBN was also quoted at a meeting with diplomats in Abuja on Tuesday as saying that the old notes were no longer legal tender from Feb. 10, 2023.
Garba Shehu, the President’s spokesman, late Tuesday night in a statement, however, said:
”We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.”
He added, ”The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow (Wednesday).”
