EXCLUSIVE: Supreme Court Order on Naira Irrelevant, Non-binding, February 10 Deadline Stays – CBN Legal Opinion

The Supreme Court ruling restraining the federal government from implementing the February 10, 2023 deadline phase out of the old N1000, N500, and N200 notes is irrelevant, non-binding and a distraction, according to a CBN legal opinion on the matter seen by THEWILL.

“Neither the CBN nor deposit money banks were parties to the suit filed by three state governments (Kaduna, Kogi and Zamfara). The state governments simply took advantage of the fact that in matters purely between state and the FG, the Supreme Court can serve as the court of first and only instance. Joining the CBN in the matter would immediately rob the supreme court of jurisdiction,” the opinion said.

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Making cash available to the masses is the solution now, more extension or not matters not as banks have refuse to release money to the people during this 10 days ongoing extension period.

Supreme court should deny its statement on delaying the deadline.

Naira design is purely a monetary policy which is the exclusive role of CBN. Any order restraining the implementation of the new naira note is nothing but a kangaroo judgment. Supreme Court have no power to stop CBN from performing their duties as fully described by law.