Supreme Court Order on naira is irrelevant, non-binding, February 10 deadline stays, according to Legal Opinion
According to a legal opinion on the subject seen by Ejesgist News, the Supreme Court decision prohibiting the federal government from carrying out the February 10, 2023 deadline phase out of the old N1000, N500, and N200 notes is irrelevant, non-binding, and a diversion.
The lawsuit brought by three state governments was not joined by the CBN or deposit money banks (Kaduna, Kogi and Zamfara). The state governments merely took advantage of the Supreme Court’s ability to function as the court of first and last instance in disputes that are solely between the state and the FG. Joining the CBN in the case would revoke the supreme court’s authority right away, according to the opinion.
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“Only the CBN is empowered by Law to determine what is termed legal tender, not the Supreme Court. The Attorney General of the Federation cannot issue a binding order on the apex bank governor or board as the CBN act didn’t contemplate such and the interim order is simply an academic attempt at grandstanding,” the opinion added.
Ejesgist News can, however, report authoritatively that the CBN deadline of February 10, 2023, will not change, according to senior officials of the regulator, who spoke anonymously. “We are not a party to the suit”, one of the officials said.
Ejesgist.ng reports that the CBN Governor, the Attorney General of the Federation and some senior officials of the administration met with President Muhammadu Buhari after the Supreme Court ruling. There was no official statement after their meeting.
Whatever decision the government take, they should always have the low class citizens on mind . They don’t have much : but the little they have at least they should be able to make use of it in peace. Paying 1000 just to withdrawn 10k it’s not funny be claimed that banks are now selling money to customers but why should banks sells money even the old notes we bought our money deposited in banks from banks again. 😭😭😭😭😭