The Central Bank of Nigeria had debunked media reports that the Nigeria Security Printing and Minting Company lacks the capacity to print new naira notes.
The bank in a statement signed on Saturday, February 11, 2023 by its Director of Communications, Osita Nwanisiobi stated that the CBN governor, Godwin Emefiele was misquoted in the said reports.
The bank also denied reports that it wants to close some deposit money banks in Nigeria over their inability to dispense new naira notes amid a cash crunch in the country.
The statement said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a misleading report misquoting the Governor, Mr. Godwin Emefiele, as attributing the current challenge in the distribution of the newly redesigned naira banknotes to a shortage of printing materials at the Nigerian Security Printing and Minting Company Plc.
“We wish to state categorically that at no time did the CBN Governor disclose this during his presentation to the National Council of State at its meeting on Friday, February 10, 2023.
“For the records, what Mr. Emefiele told the meeting was that the NSPMC was working on printing all denominations of the Naira to meet the transaction needs of Nigerians.
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“For the avoidance of doubt, the CBN remains committed to performing its monetary policy functions, as stipulated in the CBN Act, 2007, as amended. We also wish to restate that the NSPMC has the capacity and enough materials to produce the required indent of the Naira.
“The Bank, therefore, wishes to appeal to the public to disregard the said report and exercise more restraint, even as we work assiduously to increase the circulation of the new notes in the country.
“Similarly, there is a misleading voice note trending on social media alleging that the CBN planned to shut down some banks, particularly in a particular geopolitical region.”
The Central Bank of Nigeria (CBN) said on Saturday the redesign of the naira notes was initiated to make Nigeria’s monetary policy decisions more effective, and promote financial inclusion.
The CBN’s Director of Communication, Osita Nwasinobi, who disclosed this at the 44th Kaduna international trade fair in Kaduna, said the policy would complement the efforts of security agents in their fights against bandits and other criminal elements in the northern part of the country.
Nwasinobi, who was represented at the fair by CBN’s Director of Capacity Development, Mohammed Abbah, advised Nigerians to make use of alternative payment channels such as eNaira and internet banking for their daily transactions.
He stressed that the policy was never intended to plunge Nigerians into hardship or targeted anyone.
The scarcity of the redesigned Naira notes had crippled activities in the country with Nigerians daily keeping vigil at Automated Teller Machines (ATMs) posts to cash money for their daily usage.
Abbah said: “The principal aim of the bank, with the currency redesign initiative, is to make our monetary policy decisions more efficacious.
“Thirdly, our aim is to support the efforts of our security agencies in combating banditry and ransom-taking in Nigeria through this programme.
“The CBN is not unmindful of the challenges some citizens have had to face in the past few weeks in efforts to get money from their banks or other alternative channels.
“Indeed, there have been reports of occasional transaction failures. However, we wish to assure you that the Nigerian payment system infrastructure is robust enough to handle the surging transaction volumes across all channels.”
Niger State government has filed a lawsuit against the Federal Government of Nigeria over the naira redesign policy of the Central Bank of Nigeria (CBN) at the Supreme Court.
A statement by Justice Nasara Danmallam, the Attorney General and Commissioner for Justice, in Minna on Saturday, said the case was filed with suit number SC/CV/210/2023.
This development joined the series of suits filed by five other state governments— Kaduna, Kogi, Zamfara, Ondo, Kano, controlled by the All Progressives Congress (APC), against the Nigerian government following the announcement of the naira redesign policy by the Central Bank of Nigeria (CBN).
Danmallam in the statement said the Niger State government was seeking for an extension of the timeframe given by the CBN for the currency swap and withdrawal from circulation of old N200, N500 and N1,000 amongst other reliefs.
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The statement branded the timeframe as unreasonable and argued it was in violation of section 13, 14 (2) (b), 17 (1) (c) of the 1999 Constitution as amended.
In the affidavit in support of the originating summons filed at the Supreme Court, the Niger government maintained that the unavailability of the new redesigned notes had caused untold hardships and sufferings on the inhabitants of the state, especially those living in rural areas across the state.
The statement lamented the inconveniences occasioned by the redesigned Naira policy, saying that the government would continue everything within its constitutional limit to cushion their sufferings
The task force set up by the Kwara State security council on fuel scarcity on Saturday monitored the situation in some fuel stations in Ilorin, the state capital.
During the monitoring exercise, Jerry cans containing hoarded petrol were impounded in some fuel stations with the task force cautioning against such acts.
Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that the task force headed by the Deputy Governor of the state, Kayode Alabi, was approved by Governor Abdul Rahman Abdulrazaq to wade into the lingering fuel crisis which has crippled socio-economic activities across the country.
Deputy Governor Kayode Alabi, led the task force which visited several fuel stations in Ilorin metropolis on Saturday.
Major filling stations that were not dispensing to the satisfaction of motorists, tricycle and motorcycle operators, were directed to do so with immediate effect and under close supervision, according to a statement issued by the deputy governor’s spokesperson, Modupe Joel.
The task force also ensured that stations, which hoarded fuel before, started dispensing, an action that eased the stress arising from the scarcity being experienced in recent times.
The Central Bank of Nigeria may bow to mounting pressure and contract the printing of the redesigned N1,000, N500 and N200 notes to foreign contractors in the coming days in order to boost the circulation of the currency.
Saturday PUNCH gathered that this had become imperative as sources said the Nigerian Security Printing and Minting Plc, which had been responsible for the printing of the naira, appeared to lack the capacity to meet the demand for the new notes.
This is as the National Council of State advised the apex bank to print more naira notes or re-circulate the old notes, which it had mopped up from circulation, in order to ease the pressure on hapless Nigerians, who had been suffering from the scarcity of the new notes.
A top banker told one of our correspondents on Friday that information available to him indicated that the Mint had succeeded in printing N500bn worth of the new N1,000, N500 and N200 notes and might not have the capacity to do more than that at the moment.
The top banker, who spoke on condition of anonymity because of the sensitive nature of the subject and because he had not been authorised to speak officially on it, said, “It is obvious that what has been printed is not enough. How can you withdraw about N2.1tn from circulation and only print N500bn to replace that?
“Is it not obvious that the NSPMC does not have the capacity to print more than N500bn? With the Mint’s current capacity, to print N2tn will take about a year. Even the N500bn printed has been hijacked by politicians, especially governors. You heard one governor saying one of his colleagues was able to withdraw N500m.
“What the CBN is doing is to give us only 10 per cent of the worth of the old notes we deposit with it. For instance, if a bank takes N1bn to the CBN branch office in its area of operation, it will be given N100m new notes to distribute to its branches nationwide and load onto its ATMs.”
A former top official of the CBN, who spoke to Saturday PUNCH anonymously, echoed a similar sentiment that the Mint might not have the capacity to print more naira notes and that could be responsible for the scarcity of the notes.
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The ex-CBN official said, “I think it is a matter of capacity on the part of the Mint. The NSPMC has been solely responsible for the printing of the local currency and its role wasn’t an issue before now because it periodically printed notes, which the CBN released into the system along with those already in circulation. Only mutilated notes were withdrawn by the apex bank and destroyed.
“As it is now, the CBN may have little or no choice but to contract the printing of the new N1,000, N500 and N200 notes to foreign contractors in order to make the new notes go round the country quickly and save the nation the embarrassment caused by the current scarcity and its attendant consequences.”
Efforts to get a response from the CBN through its Director of Corporate Communications, Osita Nwanisobi, were futile as calls made to his mobile telephone did not connect, while he had yet to respond to WhatsApp messages sent to him.
However, an official of the CBN, who pleaded that his identity should be concealed, said there was no problem with the supply of the new notes by the NSPMC, adding that it was a deliberate policy to print limited amounts in order to encourage Nigerians to embrace other means of transaction other than cash.
“We don’t have an issue with what the Mint is doing regarding the printing of the new naira notes. There is no problem with the mint’s capacity. The fund it has expended so far on the printing of the new N1,000, N500 and N200 notes is its budget for the fourth quarter of last year.”
When a telephone number listed on the website of the NSPMC was called on Friday, it rang out. A message sent to the same number had not been replied as of the time of filing this report.
The NSPMC stated on its website, “The MINT has been in charge of the production of local currency notes since they were introduced in 1965. It does this on behalf of the Central Bank of Nigeria.
“For decades, the MINT has produced Nigeria’s naira notes. The notes are among the most secure in the world, with features that are almost impossible to replicate outside of our production systems.”
The CBN had stated in December that it spent over N800bn between 2017 and 2021 to maintain the naira. The apex bank’s Deputy Governor, Financial System Stability, Aisha Ahmad, who appeared before the House of Representatives, added that the amount had spiked by N10bn annually and attributed over 90 per cent of the currency management cost to the production of naira notes.
Council advises Buhari Meanwhile, the National Council of State on Friday in Abuja advised the President, Major General Muhammadu Buhari (retd.), and the Governor of the CBN, Godwin Emefiele, to either intensify the printing of new naira notes or re-circulate the old ones to ease the hardship being faced by Nigerians.
The country’s highest advisory organ also insisted that the general elections should hold as scheduled based on the readiness of the Independent National Electoral Commission and the Nigeria Police Force.
The Governor of Taraba State, Darius Ishaku, revealed this to State House correspondents at the end of the four-hour hybrid meeting of the council held at the Aso Rock Villa, Abuja.
Ishaku said, “What took more time was the monetary issue because of the hardship caused by money in circulation across all the whole states. In the beginning, people resisted it, even though it was good, but generally, it’s accepted.
“The primary complaint from all the states or most of the speakers is that of implementation. And so many views were proferred, particularly the CBN governor; he looked into making sure that the new money was available in quantum.
“There were suggestions to the effect that if the new money is not in circulation or printing is difficult, then the old money that hasn’t been changed could be re-circulated and pumped into circulation to ease the tension, particularly for the poor people in our society, who just need a little sum of money to buy their food, drugs and daily needs.”
On his part, the Minister of Justice and Attorney-General of the Federation, Abubakar Malami, said having been briefed by the Chairman of the Independent National Electoral Commission, the Inspector-General of Police and the Governor of the Central Bank of Nigeria, the council agreed that the February 25 and March 11 elections should hold as scheduled.
The AGF stated, “The two significant resolutions that were driven, arriving from the deliberations of the council, are one, that we are on course as far as elections are concerned and we are happy with the level of preparation by INEC and other institutions.
“Two, relating to the naira redesigned policy, the policy stands, but then the council agreed that there is a need for aggressive action on the part of the central bank as it relates to the implementation of the policy by way of ensuring adequate provision being made with regard to the supply of the naira in the system.”
He also argued that although the implementation of the February 10 deadline for the naira swap was currently in court, it did not stop the government from taking steps when necessary.
Malami said, “The matter with particular regard to the redesign of the currency is a judicial matter, having been taken to the Supreme Court by some of the governors. That matter is being considered for determination by the Supreme Court.
“But notwithstanding the fact that the matter is in court, it is not out of place for the parties, particularly the parties of interest, to consider and do the needful if the need arises, which may eventually translate into either the discontinuance, or the action, or perhaps filing of the terms of settlement or reconsideration.”
He added that after the CBN governor’s presentation, council members proffered solutions, which at the time of the briefing, were being “considered by the President with a comprehensive look of the judicial issues.”
When asked by our correspondent about the President’s response to the council’s suggestions, the Lagos State Governor, Babajide Sanwo-Olu, said it would be up to Buhari to decide soon.
Sanwo-Olu said, “Like it has been said, they were all advisory and notes were taken. And he (Buhari) retired back to his office. And I think with all the advice given; the executive knows what to do.
“I think as we move on, Mr President will make known his thoughts to the nation.”
The Senate President, Ahmed Lawan, who spoke with journalists shortly after the meeting, insisted that there was no need to rush in implementing the new naira policy.
He said other economies globally had transitioned into new notes within a year.
Lawan stated, “For us in the Senate, we initially felt that this policy was not a bad one.
“But we also feel that there is no need for the time limit. Allow the old and the new notes to co-exist until the old is phased out. What is wrong with that?
“Other countries have been doing the same thing. When Britain redesigned its currency, it took over a year to change and the validity of the old as a legal tender remained, so why ours? We are not cashless yet. That society is cashless already and they needed even more time.”
The meeting was the first this year and the last before the general elections.
Present at the meeting were former Heads of State, Generals Yakubu Gowon and Abdulsalami Abubakar; and former President Goodluck Jonathan.
Former President Olusegun Obasanjo joined the meeting virtually as only about 14 governors were present physically and virtually with some represented by their deputies.
Also present were Vice-President Yemi Osinbajo and two former Chief Justices of Nigeria, among others.
The Council of State is an organ of the Federal Government, which advises the executive on key policies.
Related News Cash shortage exposes e-payment channels’ weakness, says ICAN Corrupt politicians angry with new naira policy – Secondus Naira, fuel scarcity: PoS operators, petrol attendants feast on citizens’ miseries It comprises the President as the chairman, the Vice President as deputy chairman, all living former Presidents and Heads of State, President of the Senate, Speaker of the House of Representatives, all the 36 state governors and the AGF.
Cash scarcity persists In Abuja, all the banks along Airport Road did not dispense cash to customers on Friday through their Automated Teller Machines.
The banking halls were also filled to the brim with customers in queues to withdraw N5,000, which was the highest amount that the banks could pay over the counter.
At Stanbic IBTC, only in-house customers were granted access to the banking hall as the bank’s ATM was closed.
At Zenith Bank, security officials were made to perform the jobs of bankers, as they gave relevant forms at the gate to customers in order to reduce the pressure on the overcrowded halls.
When queried on the maximum withdrawal limit, officials of the banks said N5,000 was being paid in N50 bill.
On the old notes, an official who preferred anonymity, said banks were no longer disbursing them.
He added that the grace period of seven days was still in place for anyone who had not returned them to the bank, even though there were no new notes to swap.
One of our correspondents, who visited some banking halls and ATM galleries in the Lugbe area of Abuja, observed that the banks were not dispensing cash to customers over the counter.
The financial institutions claimed that they did not have cash to dispense to the multitude that besieged their outlets.
At the UBA banking hall, customers were seen depositing old notes. The banking halls and ATMs of Polaris Bank, Fidelity Bank and Wema Bank were not dispensing cash to customers over the counter.
Their ATM galleries were clustered by customers waiting to withdraw the new naira notes.
Bank branches monitored in the Ikeja area of Lagos recorded heavy turnout of desperate customers, who besieged the ATM galleries and banking halls.
Rowdy scenes were witnessed at UBA, First Bank, Union Bank and Zenith Bank on Oba Akran Road, Ikeja, and Ogba areas.
At the UBA branch in Ibafo, Ogun State, customers expressed relief that the lender had reopened after some days of closure following attacks on some bank branches in the state. They, however, lamented their inability to withdraw money without stress as the queue of ATM users spilled outside the gallery.
A bank manager on Victoria Island, Lagos, told Saturday PUNCH that the bullion van team had been in the CBN office in Marina since the early hours of the day and had not been given new notes, adding that there was no improvement in money supplied to the branch.
The manager said, “There is so much uncertainty. We have not heard from the CBN regarding the deadline for the old notes, which expires today (Friday). The Supreme Court order has complicated matters. Surprisingly, depositors, whom we had been appealing to before now, have been trooping to the banking hall to deposit their old notes.
“Since our branch is not in a residential area, the head office directed that some of the cash meant for us should be taken to our branches on the mainland and Ajah in order to reduce the pressure on those branches and prevent attacks by angry customers.”
Kano sues FG Meanwhile, the Kano State Government has filed a suit against the Federal Government at the Supreme Court in respect of the naira redesign policy of the CBN.
In suit number: SC/CS/200/2023, the Attorney-General of the state, through his counsel, Sunusi Musa (SAN), asked the apex court to declare that the President could not unilaterally direct the CBN to recall the N200, N500 and N500 old bank notes without recourse to the Federal Executive Council and the National Economic Council.
The state prays for a mandatory order seeking the reversal of the policy for affecting the economic well-being of over 20 million Kano residents.
The applicant is also seeking a mandatory order compelling the Federal Government to reverse the naira redesign policy for allegedly failing to comply with the 1999 constitution as amended.
Ondo joins suit Similarly, the Ondo State Government has filed a suit against the Federal Government at the Supreme Court over the policy.
It filed a separate application to join the suit earlier instituted by the Zamfara, Kaduna and Kogi state governments at the apex court on the deadline issued by CBN on the swapping of old naira notes for the new notes.
The Ondo State Government asked the apex court to stop the implementation of the policy.
In an originating summon filed and signed by the Commissioner for Justice and Attorney-General of the state, Mr Charles Titiloye, the government asked the Supreme Court to stop the implementation of the directive issued by the Federal Government through the CBN on limitation of daily cash withdrawal from banks, which it said had totally paralysed its activities and adversely affected economic and commercial activities in the state.
A statement issued by the Special Assistant to the Attorney-General, Kola Adeniyi, said, “The Ondo State Government contended that the guideline on daily maximum cash withdrawal made by the Federal Government is an infraction on the legal rights of the Ondo State Government and its citizens to access funds for the execution of developmental projects, small credit facilities to petty traders (who have no accounts in banks) and highly detrimental to daily commercial activities in the state.
“The Ondo State Government urged the Supreme Court to declare that the Federal Government cannot by directive issued through the Central Bank of Nigeria amend or vary an existing Act of the National Assembly, particularly Section 2 of the Money Laundering Act, which relates specifically to limitations on cash withdrawals for individual and corporate organisation to N5m and N10m, respectively. The updated guidelines issued by the CBN now place maximum withdrawals for individual and corporate organisations at N500,000 and N5m, respectively.
“The Ondo State Government is asking the Supreme Court to decide whether the guidelines issued by the Federal Government on the maximum daily cash withdrawal and the continuous suffering and hardship caused by the implementation of the said policy is not in conflict with the express provision of Section 2 of the Money Laundering Act, and sections 20, 39 and 42 of the Central Bank of Nigeria Act.
“The Ondo State Government averred that while it has more than 149 ministries, departments and agencies to run on a daily basis in a state with more than three million people, less than 500,000 people have bank accounts through which bank transfers can be made. Consequently, the policy of the Federal Government has totally paralysed the economy of the state.
“The Ondo State Government averred that the citizens of Ondo State now spend precious hours at bank ATMs waiting to collect the new naira notes, while citizens in the rural areas and villages without banks and Internet facilities had been shut out from receiving or transferring money to meet their daily economic needs.”
The government urged the apex court to intervene and stop further implementation of the policy.
Policy ill-timed – Ganduje Meanwhile, Governor Abdullahi Ganduje of Kano State, on Thursday, met with bank managers, representatives of the CBN, security agencies and other stakeholders at an interactive session.
This was contained in a statement by the Chief Press Secretary to the Governor, Abba Anwar, on Friday.
The meeting, according to Anwar, took place at Africa House, Government House, Kano.
“The policy is a good one, but the implementation is poorly executed and ill-timed. The poor implementation is either a display of incapacity and/or as a sign of sabotage,” Anwar quoted Ganduje as saying.
The governor said the implementation of the policy was not aimed at economic development, but for destroying democracy and causing confusion.
Ganduje was quoted as saying, “Implementation of the policy is our major concern and problem. Not the policy itself. If you want to implement such a policy, there is a need for you to make public enlightenment and engagement with stakeholders before you arrive at the implementation stage.
“If you want to implement any policy as a leader, you need to take many things into consideration. People are suffering.
“You cannot successfully implement a policy without properly planning for it. You need strong institutions if you want to implement this kind of policy.”
He added, “Probably, the people targeted by the poor implementation of this policy are not even suffering like other citizens. Something must be done to ameliorate this hardship being faced by our people.
“Since we are facing what I now call COVID-23, we are making all preparations towards distributing palliatives again.”
The Minister of Information and Culture, Lai Mohammed, said on Friday the Federal Government has concluded plans to establish a tourism academy in the country.
Mohammed, who disclosed this at the graduation ceremony of Terra Academy For The Arts (TAFTA) in Lagos, said the academy would help to grow Nigeria’s creative industry and create opportunities for youths.
He added that Nigeria was picked as one of the two countries in Africa to host the academy because of its remarkable achievements in the creative industry.
Mohammed said: ”I am, therefore, happy to announce that we are currently working with the UNWTO and some other private sector players to establish a tourism academy in Nigeria.
“This academy will be located in Lagos and would provide accessible vocational and managerial transformative training for the tourism and hospitality sector.
”The UNWTO has also announced plans to work with Nollywood to positively project the image of Africa.
The federal government of Nigeria has directed depot operators to sell premium motor spirit (PMS) also known as petrol at the official price of N172 per litre to independent markets.
This follows the supply of over 150 million litres of petrol to the Ijegun tank farm in Lagos State, which accounts for up to 35 per cent of national consumption volume, making it critical in ending the distribution crisis.
Officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) gave this directive while speaking on 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘’ known Media while on a site inspection to the Ijegun Tank farm on Friday.
NMDPRA also assured that independent fuel marketers under the aegis of Independent Petrol Marketers Association of Nigeria (IPMAN) will now get petrol at the ex-depot price of N172 per litre like their major marketers’ counterparts.
This will enable them sell petrol at N184 per litre in the West and South or N194 in the Northern parts of the country as approved by the regulator.
Ripples Nigeria had reported, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC), Mele Kyari, stated that government has earmarked N3.36 trillion to spend on subsidy for January to June.
He further noted that there was no need for marketers to sell above the pump price as the government had been paying at least N185 for every litre of petrol.
Kyari’s words: “We transfer products to oil marketing companies at N113 per litre so that we can establish a market price of N170.
This was a year ago. That is the basis of all the estimates, now there are some adjustments that have brought us to the reality of the cost of vessels that I have mentioned over and over and that adjustment took us to a different level in terms of logistics. But what NNPC has kept is the transfer price from our landing location to the marketing companies.
“So, yesterday’s (February 6) data showed that these products will land in this country at N295 per litre, which means you have to sell it at N113 to the marketing companies so that they will be able to maintain the current subsidy regime that we are running. It means that you have N185 per litre of subsidy on every product that comes into this country.
“If you look at the average we have done of 63 million litres from January 2023 till date, and convert it to 365 days, that means you need N4.2 trillion to meet the fuel subsidy requirements for the country.”
The Council of State meeting convened by President Muhammadu Buhari on Friday, at the Presidential Villa came to an end with most of the participants backing the Federal Government’s naira redesign policy.
The meeting which had the Vice President, Prof. Yemi Osinbajo, former President Goodluck Jonathan, former Head of State, Abdulsalami Abubakar and General Yakubu Gowon in attendance physically, however, advised Buhari to consider making the old naira notes available in the interim if the Central Bank of Nigeria, the policy implementer cannot readily make the new naira notes available to the citizens.
Taraba State Governor, Darius Ishaku, his counterpart, the Governor of Lagos State, Babajide Sanwo-Olu including the Attorney General of the Federation and Minister of Justice, Abubakar Malami took turns to reveal part of what transpired at the meeting.
Ishaku said the Council of State members made it clear that the policy is accepted and has come to stay but that the resistance of the populace to its introduction was also not misplaced.
According to Ishaku, the Council acknowledged that at the beginning people resist a policy even though it is good.
He said the Council which only plays an advisory role observed that the problem was that of implementation, considering that the majority of Nigerians are subjected to suffering.
Asked what was the major position of the President, who is at the centre of the policy, the Taraba Governor said the President directed state governments to go to their respective states to proffer solutions, by way of ensuring that they help to ease the tensions being experienced in the country.
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On the level of preparations for the general elections set to kick off February 25th and March 11th respectively. The AGF, Malami said the Chairman of the Independent National Electoral Commission (INEC) gave enough assurance that nothing can hinder the Commission from going ahead with the elections.
He said the Inspector General of Police, Alkali Baba equally gave assurance that its men and officers were ready to support the Commission to see that the polls go hitch-free.
The position of the Federal Government was also corroborated by Governor Sanwo-Olu who said the policy stands but that the Council agreed that there was a need for aggressive action with regard to the provision of the new currency.
Foremost human rights activist, Femi Falana, SAN, has disclosed why the Central Bank of Nigeria, CBN, must comply with the Supreme Court order regarding the currency swap crisis.
Falana, in a statement on Thursday, said the apex bank should not fall for the reports and opinions indicating that it could ignore the Supreme Court’s judgement restraining it from enforcing the ban on the old Naira notes.
In his statement titled, “Why CBN Must Obey Ex Parte Order Of Supreme Court”, he highlighted many cases supporting the court’s decision.
He asked CBN and its management to allow the judgement to run its entire course in the interim, pending an order of dismissal filed by the Federal Government.
Falana warned doing otherwise would spell doom and chaos for the country.
“In the interim, the Federal Government of Nigeria and its agencies, including the Central Bank of Nigeria, are bound by the valid and subsisting ex parte order of the Supreme Court of Nigeria until it is set aside by the same court. The alternative is to compound the ongoing anarchy and chaos in the land,” he said
The House of Representatives Ad hoc committee on the Naira redesign and currency swap policy of the Central Bank of Nigeria (CBN), has summoned the Chairman of the Independent National Electoral Commission (INEC), Mahmood Yakubu, and the Minister of Finance, Budget and National Planning, Zainab Ahmed, to a meeting on Thursday.
The committee headed by the House Majority Leader, Ado Doguwa, also invited the National Security Adviser Babangana Monguno, as part of its investigations into the scarcity of naira votes and the country’s preparations for this month’s elections.
The invitation came a few hours after the Supreme Court stopped the Federal Government and the Central Bank of Nigeria (CBN) from implementing the February 10 deadline for the use of old naira notes in the country.
Nigerians have continued to keep vigil at banks and Automated Teller Machines (ATMs) posts as the scarcity of the naira notes hits many homes across the country.
The Rivers State Governor, Nyesom Wike, has applauded the Supreme Court over its ruling which temporarily stopped the Federal Government from ending the use of the old naira notes as legal tender on February 10.
Supreme Court on Wednesday restrained the federal government and Central Bank of Nigeria (CBN) from effecting the February 10 deadline for withdrawal of the old banknotes from circulation.
The apex bank delivered the ruling on an application filed by Governors Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), and Bello Matawalle (Zamfara).
In the ruling, the seven-member panel of the Supreme Court led by Justice John Okoro held that the old Naira notes would remain legal tender until the determination of the suit on February 15.
Wike, who spoke at the Rivers Peoples Democratic Party (PDP) campaign rally held at County State School in Emilaghan, Abua/Odual local government area of the state, said the ruling would save the masses of the country, and promised to join the suit challenging the CBN’s policy.
He said: “I want to on behalf of the Rivers State government commend the Nigerian Supreme Court for what they have done today to save the masses of this country and to save democracy.
“Today, the Supreme Court has restrained the Central Bank of Nigeria (CBN) from embarking on stopping the old Nigerian Naira notes from circulating.
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“And let me commend my brother states — Kogi, Kaduna, and Zamfara — who took it upon themselves to go and challenge the federal government at the Supreme Court.
“I also want to say that the Rivers State government will join them in that suit to challenge what the CBN is doing. We will not support anything that will go against the masses, anything that makes the masses suffer.
“I have said before, this democracy can only survive with the support of INEC, security agencies, and the judiciary. With what happened today, the supreme court has shown that the hope of the common man lies in the judiciary.”
Twenty-four hours to the deadline set by the Central Bank of Nigeria, CBN, for the swap of the old naira notes, there is a high level of anxiety across the country.
The Supreme Court had on Wednesday temporarily halted the move by the Central Bank of Nigeria, CBN, to ban the use of the old naira notes from February 10, 2023.
A 7-member panel led by Justice John Okoro halted the move while ruling in an ex-parte application brought by three northern States of Kaduna, Kogi and Zamfara.
The three States had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.
Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigerians.
He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land.”
The ruling has since generated mixed reactions from across the country.
While some citizens, including the camp of the APC Presidential candidate, Bola Tinubu are hailing the ruling, others have asked President Muhammadu Buhari to override it with an executive order.
Few hours after the ruling, the Governor of the CBN, Godwin Emefiele met with President Buhari at the Aso Rock Villa.
Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, has already filed processes challenging the jurisdiction of the Supreme Court to suspend the scheduled deadline.
Malami, in a preliminary objection he filed on behalf of the Federal Government, applied for an order striking out the suit that three Northern States filed to halt the full implementation of the new monetary policy that was introduced by the Central Bank of Nigeria, CBN.
He is the sole defendant in the suit marked: SC/CV/162/2023, where he applied for its outright dismissal on the basis that the three States lacked the locus-standi.
Listing his grounds for challenging the power of the Supreme Court to intervene in the matter, Malami accused the three States of opposing FG’s power, through its agency, the CBN, to withdraw old banknotes and introduce new ones.
Nigerians are anxiously awaiting the next step of the CBN, especially with the deadline ending on Friday, February 10, just as President Buhari had earlier asked for one week to take a major decision on the matter one way or the other.
Speaking to 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘’ known Media on Wednesday, the Head of the Peoples Democratic Party, PDP, Digital Media, Barrister Tony Ehilebo claimed of a certain intelligence that the ruling party, All Progressives Congress, APC, is planning to swap N21 billion it had set out for vote-buying.
He, however, said that the efforts of Governor Nasir El-Rufia of Kaduna State and his cohorts to stop the CBN policy will fail because the States lacked such powers.
He alleged that, “The intelligence reaching us is that the APC, especially in States that they control are using the instrumentality of the State government and trying to swap N21 billion.
“We don’t know if this has gone through or if it has happened but we have raised all the necessary alarms.
“These are the questions we should be asking. We expect that the NFIU which has direct access to any suspicious cash transaction should be on top of its job.
“I’m one of the advocates, one of the drafters of the creation of the National Financial Intelligence Unit Bill and I expect it to live up to expectation, which is why I don’t have any problem with the CBN policy.
“It may not even favour the PDP as far as I’m concerned but it is in the best interest of Nigeria. We’ll really like whoever Nigerians want, which I believe is the PDP at this point in time.”
Speaking further on the recent Supreme Court injunction, he added, “It is a normal procedure of the court. When you run to the court with the cry that lives are being affected, it is the Court’s duty to first intervene and then bring all parties to the table and provide opportunity for response.
“That is why injunctions only have a lifespan of seven days at most. However, I suspect that this will be reversed. If you notice, it was given on 7th and it expires on 15th and that is when the hearing proper is.
“If I were the CBN, on the 15th I’ll carry on with that policy. Of course, the CBN is legitimately carrying out its function and I don’t think the States have any say whatsoever to impede on functions that are constitutionally guaranteed by the banks and other financial institutions’ acts.
“The CBN is guaranteed to be independent of the judiciary and free from the encumbrance of people like El-rufai and his cohorts.”
But reacting to the allegations of planning to buy votes and rig the forthcoming election, Comrade Okpokwu Ogenyi, Convener, Concerned APC Members and member APC Presidential Campaign Council and Civil Society Directorate, wondered why the APC whose government introduced the BVAS and signed the Electoral Act 2022 into law, should be the one being accused of planning to rig elections.
Speaking to 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘’ known Media, he said, “Yes. Some members of my party are in court to challenge the policy of the Central Bank of Nigeria and some of the reasons they gave were very clear.
“El-Rufia made it clear that in the entire Borno State, it is only two local governments that banks are operating.
“The same in Yobe State. He said that he was campaigning against the effect of the policy on the people. He even said the policy has nothing to do with the CBN but Mr. President who changed currency even in his first tenure as military head of state.
“That the timing is wrong. In my personal opinion, I want to tell you that Governor El-Rufia is in court to seek redress in his capacity as governor of Kaduna State. He is speaking for the people of Kaduna State not for the entire All Progressives Congress.
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“On the allegations of swapping over N21b for vote, let me say that just yesterday, the party launched the Renewed Hope Ambassadors of Nigeria to mobilise 20-man canvassers in each of the polling units.
“A party that is resorting to vote-buying will not initiate such a volume of projects. I want you to also know that my party is not ready to buy votes. The BVAS was introduced by my party.
“The Electoral Act 2022 was signed by my party. So the party is putting up measures to checkmate some of the excesses during elections, such as rigging, vote-buying and all of that.”
The International Monetary Fund (IMF) has waded into the current naira scarcity in Nigeria by calling on the Federal Government and the Central Bank of Nigeria (CBN), to extend the cash swap policy deadline beyond February 10.
The international monetary institution which is the first global body to openly call for an extension of the cash swap policy, made the call shortly after the Supreme Court gave a ruling temporarily restraining the FG and the CBN from enforcing the deadline.
In a statement in Abuja on Wednesday issued by Laraba Bonet, on behalf of IMF’s Nigerian resident representative, Ari Aisen, the IMF said it hinged its plea on the hardship Nigerians were going through.
“In light of hardships caused by disruptions to trade and payments due to the shortage of new bank notes available to the public, in spite of measures introduced by the CBN to mitigate the challenges in the banknote swap process, the IMF encourages the CBN to consider extending the deadline should problems persist in the next few days leading up to the February 10, 2023, deadline,” part of the statement said
The All Progressives Congress (APC) presidential candidate, Bola Tinubu, on Wednesday hailed the Supreme Court over its ruling on the naira redesign.
A seven-member panel of the apex court had earlier on Wednesday restrained the Federal Government and the Central Bank of Nigeria (CBN) from going ahead with the February 10 deadline for the withdrawal of the old naira notes from circulation was discussed by the two leaders.
The court delivered the ruling in an application filed by Governors Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi), and Bello Matawalle (Zamfara).
The court also adjourned the case to February 15, 2023.
Tinubu, who reacted to the judgement in a statement issued by the Director of Media and Publicity in the APC Presidential Campaign Council, Bayo Omanuga, said the ruling saved Nigeria from anarchy.
The former Lagos State governor charged the Nigerian government to revise the policy in the interest of Nigerians.
He also commended the three APC governors who took the matter to the apex court, saying he was in the presidential race to make life better for Nigerians.
The statement read: “I want to salute the courage of our governors and most especially the progressives governors in APC who acted to save our country from avoidable and dangerous political crises and social unrest which the central bank policy on new naira notes has brought on our country,”
“Our country was dangerously careering toward anarchy and political and economic shutdown. But with the Supreme Court interim ruling, our country has been pulled back from the precipice.
“We thank our Supreme Court justices for ruling wisely on the side of the people who have been subjected to undue agony and pains since this policy was announced.
“The federal government and relevant stakeholders can now sit down and work out a better framework on how to proceed with the new policy without causing any social and economic disruption and inconvenience to our people. We have examples of other countries that have successfully and seamlessly changed their currencies to learn from.
The Osun State Police Command has warned members of the public to desist from the sale and abuse of the Naira notes.
In a press statement signed by the Command’s spokesperson, Yemisi Opalola and obtained by 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆, he stated that the move was in compliance with the Federal Government’s policy and the directive of Usman Baba Alkali, the Inspector General of Police. Watch Video Here
The warning, which was targeted at Point Of Sales (POS) operators and filling stations, advised that such acts should be jettisoned because the Command had emplaced an Intelligence Unit to arrest and subsequently prosecute such individuals or groups engaged in the sale or abuse of Naira notes issued by the Central Bank of Nigeria. Watch Video Here
He said, “In compliance with the Federal Government’s policy and the Inspector-General of Police, IGP Usman Alkali Baba’s directives to uphold the provisions of the Central Bank of Nigeria Act, 2007 and dignify Nigeria’s currency, the Osun Police Command is using this medium to warn members of the public who are into this unethical behaviour, especially Point of Sales (POS) operators and Filling Stations to jettison such, as the police Command has emplaced an Intelligence unit of the Command to arrest and subsequently prosecute such individuals or groups engaged in the sale or abuse of the Naira notes issued by the Central Bank of Nigeria.
“The Commissioner of Police has equally directed the Area Commanders, and Divisional Police Officers to carry out full enforcement of the provisions of Sections 20 and 21 of the Central Bank of Nigeria Act, 2007 which criminalizes amongst other things, the hawking, selling, trading, spraying, matching, falsifying or counterfeiting of bank notes, refusal to accept the Naira as a means of payment, tampering with the Naira notes issued by the CBN.” Watch Video Here
The statement also enjoined members of the public to cooperate with the police to ensure that violators were brought to book and prosecuted.
On Friday, February 3, 2023, operatives of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) had arrested the Operations Manager of First City Monument Bank, Osogbo for deliberately sabotaging the Automated Teller Machines (ATMs) from dispensing the redesigned Naira notes to members of the public. Watch Video Here
On the same day in Osogbo, the anti-corruption agency also arrested seven POS operators and the security guard of a bank for selling the redesigned Naira notes to members of the public.
Most POS operators within Osogbo, the State capital, charge N100 for N1,000 instead of the N100 for N5,000 that was obtainable before the redesigned Naira notes became scarce.
The POS operators said they pay heavily in order to get the redesigned Naira notes from banks.
The Minister of State for Petroleum Resources, Timipre Sylva, on Wednesday, accused petroleum marketers of frustrating the Federal Government’s efforts at making petrol available to Nigerians.
Sylva, who addressed State House correspondents after the Federal Executive Council (FEC) meeting in Abuja, said the government has done everything required to make the product available to Nigerians but the efforts were thwarted by the marketers. Watch Video Here
The minister said President Muhammadu Buhari was worried over the long queues at petrol stations across the country
He, however, assured the citizens that the Nigerian National Petroleum Company Limited (NNPC) and other stakeholders were working hard to address the problem. Watch Video Here
Queues in filling stations surfaced in Lagos, Abuja, Port Harcourt, and other parts of the country in the latter part of last year with marketers selling the products at between N200 and N250 per litre to the surprise of Nigerians.Watch Video Here
Sylva said: “At the moment today, there is supply but unfortunately, we are experiencing some bottlenecks in the distribution and movement of the product to various destinations.
“We have reports of profiteering by marketers and I have directed the pricing regulatory agency, Nigerian Midstream, and Downstream Petroleum Regulatory Authority to sanction anybody who profiteers in this kind of situation.”
The Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mele Kyari, has said that the prolonged queues across the filing stations in the country as a result of fuel scarcity was not unique to Nigeria.
Kyari, who spoke on a Channels Television’s interview, 2023 Verdict on Tuesday night, admitted things were out of control, branding the fuel scarcity in the country as a “glitch” to be resolved soon.
The NNPCL boss blamed the development on paucity of supply, saying they were on top of the situation.
He thus apologized to Nigerians on the crisis and assured it would ease soon.
“Having fuel queues is really not something that is local to any one country. It happens everywhere – whenever you have either breaches of pipes, pipeline issues, and so on,” Kyari said.
“We don’t hope that this happens to our country but you must have guarantee of supply in your country, which is why we are focused on delivering our refineries rehabilitation projects, so that ultimately this product becomes close to us.
“We have no benefit in doing this. We are families. We are members and part of this community. We are very proud of this country.
“We would like this country to prosper. We don’t want Nigerians to suffer and of course as a matter of condition, we don’t think that anyone should go through this thing.
“Now, this hasn’t happened. The refineries’ rehabilitation is not completed. The Dangote Refinery hasn’t taken off. Both of them will happen; once that happens, you have the safety and security of supply near you.
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“I’m not saying that you’re going to have zero queues within the next one week. No, I can’t guarantee that because a number of things are out of our control.”
“I apologise for the situation. On behalf of all of us, the stakeholders in the oil and gas industry. Definitely, not surely exclusive. Having said this, it is unfortunate. It’s a glitch and we are responsible to resolve this glitch.
Nigerians have been thrown into untold hardship courtesy of severe fuel scarcity in the country, with attendant implications for the economic activities of Nigerians
In light of the protests springing up in different parts of the country as a result of fuel and cash scarcity emanating from naira redesign policy, a chieftain of the All Progressives Congress (APC), Adamu Garba, has charged Nigerian government to come up with decision solutions.
The recent redesign of currency leading to the scarcity of naira had frustrated Nigerians into brutal protests, especially in Lagos, Abeokuta, Ibadan and Ondo.
Despite President Muhammadu Buhari’s promise to address the crisis within seven days, the policy has continued to take its toll on vulnerable Nigerians.
Garba, who commented on the development in a series of tweets on Tuesday, condemned Nigerian government’s inactiveness on the crises.
The former lawmaker said the policy as well as the biting fuel scarcity, if not decisively looked into, might truncate the progress and democracy of the country.
He wrote: “Everything needs to be done by the government to fix the Naira/Fuel scarcity issue and stop the ongoing protest in Abeokuta. I learned that Ondo is planning the same. South West is a beacon of our democracy and we should not forget the history of how Operation Wetie started.
“We must remind ourselves that no one will get anything when Nigerians are not happy. Not the Government, the politicians, the opposition, or the public If the policy is not working, then it is simply not working. It should be reserved, carefully planned, and re-implemented.
“We should avoid any tension or unnecessary grandstanding that could lead to the truncation of our peace, prosperity, or worst of all, our democracy.
The Supreme Court on Wednesday restrained the Central Bank of Nigeria (CBN) and the Federal Government have from effecting the February 10, 2023 deadline to phase out the old Naira notes.
In a ruling delivered by a seven-man panel of the Supreme Court led by Justice John Okoro, granted an ex parte application that the old Naira notes will remain a legal tender until a final decision has been made on the suit brought to the court by three northern states; Kaduna, Kogi and Zamfara.
Recall with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘 𝕸𝖊𝖉𝖎𝖆 that the CBN had redesigned the N200, N500 and N1,000 banknotes, and released the new currencies in December 2022.
The financial regulator also informed Nigerians that the old Naira notes would cease to be legal starting from January 31, 2023, but it later extended the deadline to February 10, 2023.
Kaduna, Kogi and Zamfara governments dragged the CBN and FG to court over the impact of the transition from old Naira to the new Naira notes.
Through their counsel, AbdulHakeem Uthman Mustapha (SAN), they asked the Surpreme Court to intervene as the deadline would increase the hardship of persons living within the three states.
They applied for an interim injunction through an ex-parte motion to temporarily halt the CBN and Nigerian commercial banks from enforcing the deadline to phase out the old Naira
Mustapha told the court that, “Unless this Honourable Court intervenes, the Government and people of Kaduna, Kogi and Zamfara State will continue to go through a lot of hardship and would ultimately suffer great loss as a result of the insufficient and unreasonable time within which the Federal Government is embarking on the ongoing currency redesign policy.”
The three states argued that their residents have deposited their money to the banks as directed by the central bank, but there’s insufficient of new Naira notes to meet the demands of their citizens.
They said the 10 days extension of the deadline is not enough to cushion the chaos and hardship the Naira redesign policy has caused their residents, as they are still unable to access their money to finance their daily activities.
Spokesman for the Northern Elders Forum (NEF), Hakeem Baba-Ahmed, has warned the Nigerian government against pushing vulnerable Nigerians into war, in light of the attendant consequences of naira and cash scarcity in the country.
Baba-Ahmed in a tweet on Tuesday condemned the challenges facing the masses as a result of destructive policies of the government.
He wrote: “How much can the people endure? Cant buy, cant sell, cant eat, cant move, not safe, not heard, not relevant. Is this politics or poor governance? Please do not push the poor too hard.”
Due to the scarcity of the new naira notes which has caused hardship to Nigerians, a civil society group in Edo State, Edo Civil Society Group led by Comrade Agho Omobude on Tuesday blocked the main entrance of the Central Bank of Nigeria in Benin City.
As a result of the protest, vehicles coming into the Ring Road through Akpakpava were forced to go through Igun Street to Sokponba before linking up with Ring Road.
The protesters called on the appropriate authority to make the new naira notes available to reduce the suffering of Nigerians who are presently going through hell to access their money, while urging the CBN to start giving out N100, N50 and N20 notes if the new notes were not available.
Omobude said the naira swap policy at this time was a deliberate attempt by the central bank governor, Godwin Emiefele, in connivance with the Federal Government to subject the masses to untold hardship.
He vowed that the group would remain at the entrance of the bank until the head of the central bank, Benin branch, came out to address them on the situation, adding that it was inhuman to continue to allow Nigerians to remain in this suffering.
The Minister of Labour and Employment, Chris Ngige, says all arrangements have been concluded to produce a new minimum wage for Nigeria on or before May 2024.
Ngige also warned organised labour and other trade unions to desist from meddling in government affairs and attempting to impose their will on it about appointment decisions.
He spoke in Abuja Tuesday at the Nigeria Labour Congress’ 13th National Delegates’ Conference.
He alleged that trade unions were violating the terms of the Trade Union Act which mandated that all newly elected trade union officials take required courses at the Michael Imuodu National Institute for Labour Studies (MINILS).
According to him, undergoing training at the institute would help the labour leaders to gain the necessary knowledge and develop into seasoned Industrial Relations authorities.
“The good story that filters out from it is that we put out an Act, a legislation that had in place an inbuilt review five years mechanism, unlike the formal Act. So, mandatorily, Nigeria will produce a new minimum wage on or before May 2024
“It is acknowledged, both nationally and internationally, that government would not interfere in trade union matters and likewise, trade unions are not to interfere in labour administration unless as provided by the laws and principles of tripartism.”
He noted that trade unions are not mandated to dictate to the government on the appointment of public officials.
Ngige further enjoined the NLC to ensure the implementation of the Employees’ Compensation Act (ECA) 2010 by State Governments.
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His words: “This has resulted in many workers not being covered by the ECA Act for injuries and even deaths sustained in the place or course of employment.
“The NLC should remedy this situation as the welfare of workers is one of the cardinal functions of Trade Unions including the Confederations.
“In this regard, it should be noted that the PENCOM Act 2014 makes it mandatory for all employers to give Insurance Cover for workers employed by them.”
Independent Petroleum Marketers Association of Nigeria (IPMAN) has dismissed reports making the rounds that it had directed members to suspend operations across the country.
IPMAN President, Chinedu Okoronkwo, in a telephone conversation with 𝕹𝖔𝖇𝖑𝖊 𝕽𝖊𝖕𝖔𝖗𝖙𝖊𝖗𝖘’ known Media on Tuesday, dismissed the report as untrue.
Similarly, IPMAN’s National Operations Controller, Mike Osatuyi, had in a statement in Lagos on Monday, said the insinuation that marketers planned to shutdown operations should be disregarded.
Osatuyi said Nigerian National Petroleum Company Ltd. (NNPCL) was preparing the logistics to start supplying petrol to IPMAN members directly.
However, an unverified statement dated 6 February, 2023 and signed by IPMAN Chairman, Maiduguri deport, Mohammed Kuluwu, has been making the rounds on the social media.
Kuluwu in the statement directed members to suspend all operations.
He also ordered marketers to suspend the payment of ordering products from source until further notice.
The statement reads: “Following the critical situation as it affects our sourcing and selling of product at lost (sic) and the action of the authority to impose the selling of product at a lost price (sic) on our side.
“You are all hereby directed to suspend selling at all filling stations and also suspend the payment of ordering products from source until further notice”.
President Muhammadu Buhari on Tuesday held a meeting with representatives of the state governors and the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele.
Also present at the meeting which held behind closed doors at Aso Villa, Abuja was the chairman Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa.
Chairman of the Nigeria Governors’ Forum, Aminu Tambuwal; and the Chairman of the Progressives Governors’ Forum, Atiku Bagudu represented state governors.
Details from the meeting have not been made public as at the time of this report, but feelers suggest it may have been called to discuss and find a solution to the cash crunch which has hit the nation in recent times, over the cash swap and naira redesign policy of the apex bank.
Though details of the meeting was not made public, it comes after a meeting originally scheduled with the Nigerian Governors’ Forum was cancelled.
State House sources however, believe the meeting was cancelled following a court order that stopped the Federal Government from extending the February 10 deadline for the swapping of three old naira notes set by the CBN
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