News
Court Stops CBN From Enforcing February 10 Deadline for Old Naira Notes
In a significant legal development, the Supreme Court of Nigeria has issued an interim injunction restraining the Federal Government and the Central Bank of Nigeria (CBN) from enforcing the February 10 deadline for the cessation of the old N200, N500, and N1,000 naira notes as legal tender.
This ruling comes in response to a motion filed by the governments of Kaduna, Kogi, and Zamfara states, which argued that the policy’s implementation timeframe was causing undue hardship for Nigerians.
The three states contended that the scarcity of the new naira notes had led to significant difficulties for their residents, particularly those in rural areas lacking adequate banking infrastructure.
They emphasized that many citizens had been unable to exchange their old currency due to the limited availability of the new notes, resulting in economic strain and social unrest.
In its ruling, the Supreme Court acknowledged these concerns and granted an interim order, halting the enforcement of the February 10 deadline until the substantive hearing scheduled for February 15. This decision effectively allows the old naira notes to remain in circulation alongside the new ones, providing temporary relief to Nigerians grappling with the transition.
The CBN had previously set the February 10 deadline as part of its currency redesign policy aimed at curbing inflation and reducing the prevalence of counterfeit currency. However, the policy has faced criticism due to the challenges associated with the rapid rollout of the new notes and the limited time frame for the public to adapt.
Lagos State Police react to claims of them taking money from dispatch riders on the Coastal Road in Lagos.
It started after a rumour was shared that police arrest and take money from riders as a demand for high bribes, sometimes reaching ₦200,000, and seize motorcycles if not given.
The Police Public Relations Officer, SP Benjamin Hundeyin, then addressed the claims online and stated in his statement that he disagreed that the rumour is true and stated, “The spread of misinformation only causes more harm than good. In this era, we can and must do better.”
It has been announced by the governor of Ogun that Tuesday 3rd of February is a public holiday in order to mark the 50th anniversary of the state creation.
This public holiday declaration was released in a statement by the secretary of the state, Tokunbo Talabi.
He then added that the holiday will provide as a day for the citizens to participate in the activities for the state milestone.
Former Kogi politician, Dino Melaye, faces backlash from the public after he shared a video on social media of him abroad and living well through his luxurious lifestyle.
In the same video, he speaks about Nigeria’s current economy and shares his disappointment.
He wrote, “See country, God help us to build a true nation where our wicked leaders will be in jail and the right people in power. Nigeria must be fixed. YES WE CAN.”
However, many state that what he posted and what he is saying contradict each other, and they accused him of sharing his own records to know if he was a corrupt leader.
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