Wednesday, 8 February 2023

Buhari Receives Emefiele In Aso Rock After Supreme Court Order



President Muhammadu Buhari has received the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele in Aso Rock, Abuja.
 This is coming hours after the Supreme Court ruling of Wednesday stopping the February 10 deadline for the validity of three old naira notes.
 
A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted the interim injunction after an ex parte filed by Kogi, Kaduna and Zamfara state governments.
 
The highest court also held that the Federal Government and the apex bank must not continue with the deadline pending the determination of the hearing on February 15.
 
The outcome of the meeting is yet to be known but the visit by the apex bank chief is in connection to the ruling of the Supreme Court.
 
The pandemonium over the February 10 deadline for the validity of three old naira notes assumed another dimension on Monday as five political parties and three state governments begun legal battles.
 
Whilst the Kaduna, Kogi and Zamfara governments dragged the Federal government before the Supreme Court, seeking an extension to the February 10 deadline, five political parties took the matter to the Federal Capital Territory (FCT) High Court and secured an order barring the Federal Government and the apex bank from any extension of the deadline.
 
The CBN had on October 26, 2022, announced its plan to redesign the three banknotes. President Muhammadu Buhari subsequently unveiled the redesigned N200, N500, and N1,000 notes on November 23, 2022, while the apex bank fixed a January 31 deadline for the validity of the old notes.
 
The CBN also pegged its weekly cash withdrawal limits to N500,000 for individuals and N5m for corporate firms.
 
With cries by many Nigerians, the apex bank extended the deadline from January 31 to February 10, saying it got the approval of the President. #official_otblogger

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