Naira Notes: You lack jurisdiction – FG slams Supreme Court

Despite riots emanating from the scarcity of cash across the country, Emefiele said the February 10 deadline would not be extended.

The Supreme Court of Nigeria (Business Day)

The Federal Government via the office of the Attorney-General of the Federation AGF, Abubakar Malami has filed an objection against the Supreme Court ruling which halted the February 10 deadline for old Naira Notes to remain in circulation.

Recall: The governments of Kogi, Kaduna, Zamfara states on Tuesday, February 07, 2023, headed for the court to challenge the CBN, demanding extension of the deadline for old Naira notes to exist as means of transaction.

What the court said: Ruling in the matter, a Supreme Court panel led by Justice John Okoro, on Wednesday, February 08, 2023, halted the Federal Government’s move to execute the February 10 deadline.

What FG said: The AGF, in a preliminary objection filed through his lawyers, Tijanni Gazali and Mahmud Magaji argued that the Supreme Court lacked the jurisdiction to entertain the matter.

The AGF contended that the plaintiffs have equally not shown reasonable cause of action against the defendant.

What is going on: the Central Bank of Nigeria, CBN, had after redesigning N200, N500, and N1,000, fixed January 31 as the deadline for old Naira notes to exist as means of transaction.

But following the difficulties in getting the newly redesigned notes, the apex bank extended the deadline to February 10.

Despite riots emanating from the scarcity of cash across the country, the CBN governor, Godwin Emefiele said last week that the February 10 deadline would not be extended.

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