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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.
Nigerian pastor and overseer of the Citadel Global Community Church, Pastor Tunde Bakare, addresses and reacts to the current happenings of the country regarding the kidnapping and the abductions.
The pastor urges the government on steps they can take to solve and help the people of the country. “The Nigerian government has a clear and urgent duty to protect these Middle Belt communities, who have carried the weight of violence for far too long.”
“Rather than play the ostrich and cover up clear terrorism as mere farmer-herder clashes, the Nigerian state has a responsibility to invade the camps of armed marauders who hide under the cloak of herdsmen of whatever ethnicity, and who invade defenceless communities and gleefully massacre unarmed men, women and children.”
US President Donald Trump criticizes the Nigeria government once again after the increase of insecurity over the past few days. The president stated that the government is failing to protect Christian communities from the attacks going on.
“Nigeria is a disgrace. The whole thing is a disgrace,” Trump said. “They’re killing people by the thousands. It’s a genocide, and I’m really angry about it. And we pay, you know, we give a lot of subsidies to Nigeria. We’re going to end up stopping.”
Former Vice President Atiku Abubakar speaks out against the rising insecurity in the country. He urged the government to take action and claimed that it is not too late to declare a state of emergency.
He reacted after another news of abduction of students was announced on the 21st of November.
“How many more lives must be shattered before decisive action is taken? It is not too late for the government to finally declare a state of emergency on insecurity and confront this menace with the urgency it deserves.”
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