BREAKING: 10 States Ask Supreme Court To Set Aside Buhari’s Ban On Old N500, N1,000 Notes

BREAKING: 10 States Ask Supreme Court To Set Aside Buhari’s Ban On Old N500, N1,000 Notes

Ten states have asked the Supreme Court to overturn President Muhammadu Buhari’s announcement that old N500 and N1,000 notes would be banned.

The governors want the Supreme Court to declare the President’s directives in his Thursday broadcast as unconstitutional in Suit No SC/CV/162/2023, which was filed on Friday by their counsel, A.J. Owonikoko (SAN).

The Attorneys General (AGs) of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos are the plaintiffs in the suit, while the defendants are the Attorney General of the Federation, Abubakar Malami (SAN), as well as the AGs of Bayelsa and Edo states.

Read Also See What Naira Did To Dollar Yesterday

The plaintiffs argued in a 12-point application that Buhari’s directive extending the validity of old N200 notes for 60 days, as well as his ban on old N500 and N1,000 notes, are a “unconstitutional overreach and usurpation of judicial power” by the Supreme Court, given that the case is already before the court.

The applicants’ counsel cited Sections 232(1), 6(6)(b), and 287(1) of the 1999 Constitution as amended, which include the protection of the Supreme Court’s dignity and the enforcement of its orders by all persons and authorities.

Following complaints from many Nigerians, the Central Bank of Nigeria (CBN) extended the deadline for the swap of old N200, N500, and N1,000 notes from January 31 to February 10, but the Supreme Court ruled that the Federal Government, the CBN, and commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue on February 22.

However, in a national broadcast on Thursday, the President directed the central bank to allow old N200 notes to circulate alongside new N200, N500, and N1,000 banknotes for 60 days — by April 10, 2023. In addition, he stated that old N500 and N1,000 banknotes are no longer legal tender in Nigeria.

For More News Join Our WhatsApp Group With This Link Below

https://chat.whatsapp.com/HlD7kmxUzAc2lwlP7yuXzk