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Breaking: Supreme Courtroom fixes March 3 to ship judgement on CBN’s Naira redesign coverage
The Supreme Courtroom on Wednesday mounted March 3, 2023 to ship judgement on the go well with filed by 10 governors in opposition to the Central Financial institution of Nigeria’s (CBN) Naira redesign coverage.
The Naira redesign coverage has been inflicting untold hardship on Nigerians, resulting in sequence of protests and burning of banks in some components of the federation.
The CBN nonetheless insisted on the February 10 deadline and had stopped banks from amassing previous the N500 and N1,000 notes regardless of the apex court docket’s order restraining it from finishing up the transfer. Continue Reading…
Everybody thought reprieve has come the best way of the plenty when the Supreme Courtroom granted an interim injunction to permit the previous naira notes to be in circulation pending the willpower of the case filed by some governors in opposition to the obnoxious coverage of the apex financial institution.
The Supreme Courtroom had in a ruling on 8 February granted an interim injunction that the CBN and the federal authorities ought to droop the implementation of the February10 deadline for the expiration of the authorized tender standing of the previous N200, N500 and N1000 notes.
On 15 February the apex court docket affirmed the ruling. This, it mentioned, must be pending till the listening to and willpower of a go well with earlier than it slated for February 22.
In a shock transfer President Buhari on 16 February, in a broadcast introduced that solely the previous N200 word would stay legitimate till April 10. He mentioned previous N500 and N1000 notes had ceased to be authorized tender.
The published had been closely criticised and condemned by attorneys and most of the 21 governors of the APC. Many expressed outrage that the President may overtly defy the apex court docket in a democracy.
However in at this time, a nine-member panel led by Justice John Okoro introduced that judgement can be delivered on March 3 after taking last arguments from attorneys to events within the circumstances.
The states which filed the preliminary go well with in opposition to the CBN and Federal Authorities are Zamfara, Kogi and Kaduna on February 3.
Different states together with Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River later joined within the go well with.
