Connect with us

Judiciary

Supreme Court Rules Old Naira Notes to Co-Exist with New Ones Indefinitely

Published

on

Supreme Court Rules Old Naira Notes to Co-Exist with New Ones Indefinitely

Supreme Court Rules Old Naira Notes to Co-Exist with New Ones Indefinitely

In a landmark decision on Wednesday, the Supreme Court of Nigeria declared that the old Naira denominations of N200, N500, and N1,000 notes will continue to co-exist with the recently introduced notes until further notice.

This ruling ensures that both the old and new currency notes will remain as legal tender beyond the previously set deadline of December 31.

The court emphasized that the Federal Government must establish a transparent process for the replacement or redesign of the old notes after conducting thorough consultations with relevant stakeholders.

The apex court’s decision follows its earlier order on March 3, which restrained the Central Bank of Nigeria (CBN) from implementing the initially stipulated deadline for the use of the old notes.

Despite the court’s intervention, the CBN had, on November 14, extended the validity of the old N200, N500, and N1,000 notes indefinitely. The move by the apex bank aimed to provide flexibility and ensure a smooth transition for the public.

The decision to introduce redesigned N200, N500, and N1,000 denominations was initially implemented by the CBN in October 2022, accompanied by specific deadlines for the phasing out of the old design from circulation.

This recent development offers a reprieve for individuals and businesses alike, allowing them to continue using the older Naira notes without fear of their legal tender status expiring.

The Supreme Court’s decision underscores the importance of a well-thought-out and consultative approach by the government in managing currency transitions to avoid disruptions in the financial system.

As the nation awaits further directives from the Federal Government on the replacement or redesign process, the co-existence of old and new Naira notes serves as a temporary but necessary measure. The decision by the Supreme Court ensures that the financial landscape remains stable, providing assurance to citizens and businesses during this transitional period.

This ruling by the Supreme Court marks a significant development in the ongoing discussions surrounding the nation’s currency, offering a balance between the introduction of modernized notes and the need for a seamless transition for the Nigerian populace.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Headlines

Court dissolves marriage after return of N20, 000 bride price

Published

on

An Area Court sitting at Centre-Igboro in Ilorin on Thursday dissolved the Islamic marriage between Wuraola Surajudeen and Surajudeen Omo Iya-Onitasi.

The Presiding Judge, Hammed Ajumonbi, pronounced the dissolution of the marriage after the now ex-wife refunded the N20, 000 bride price to the now ex-husband.

Ajumonbi held that both parties, who were residents of Abayawo in Ilorin, could go their separate ways since there was no child between them.

The court, however, asked the woman to file another case to claim her belongings still in the custody of the man, saying the application before it was only for divorce.

Earlier, Wuraola had on Nov. 27 filed for divorce and cited lack of love and affection as reasons.

Surajudeen, who did not oppose the application, had however insisted on the refund of the bride price he paid.

However, Wuraola while returning the bride price, had told the court that she did not pick anything before leaving their matrimonial home.

She had urged the court to grant her permission to pack her belongings, but the court refused and asked her to file an application to that effect.

Continue Reading

Africa

Customs hands over illicit drugs worth N117.59m to NDLEA

Published

on

Customs hands over illicit drugs worth N117.59m to NDLEA

The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).

The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.

Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.

He said the illicit drugs were seized  in various strategic locations between January and November 21, 2024, in Ogun State.

He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.

Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.

“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.

“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.

He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.

He described the height of illicit drugs smuggling in the recent time as worrisome.

This, he said, underscores the severity of drug trafficking within the borders.

“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.

Ojo said the seizures had  disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.

He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.

Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.

Responding, Adeyeye, applauded the customs for achieving the feat.

Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.

Continue Reading

Africa

Ann-Kio Briggs Faults Tinubu for Scrapping Niger Delta Ministry

Published

on

Prominent Niger Delta human rights activist and environmentalist, Ann-Kio Briggs, has criticised President Bola Tinubu’s decision to scrap the Ministry of Niger Delta, describing it as ill-advised and detrimental to the oil-rich region.

Briggs expressed her concerns during an appearance on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.

“The Ministry of Niger Delta was created by the late (President Umaru) Yar’Adua. There was a reason for the creation. So, just removing it because the president was advised. I want to believe that he was advised because if he did it by himself, that would be terribly wrong,” she stated.

President Tinubu, in October, dissolved the Ministry of Niger Delta and replaced it with the Ministry of Regional Development, which is tasked with overseeing all regional development commissions, including the Niger Delta Development Commission (NDDC), North-West Development Commission, and North-East Development Commission.

Briggs questioned the rationale behind the restructuring, expressing concerns about its feasibility and implications. “But that’s not going to be the solution because who is going to fund the commissions? Is it the regions because it is called the Regional Development Ministry? Is it the states in the regions? What are the regions because we don’t work with regions right now; we are working with geopolitical zones,” she remarked.

She added, “Are we going back to regionalism? If we are, we have to discuss it. The president can’t decide on his own to restructure Nigeria. If we are restructuring Nigeria, the president alone can’t restructure Nigeria, he has to take my opinion and your opinion into consideration.”

Briggs also decried the longstanding neglect of the Niger Delta despite its significant contributions to Nigeria’s economy since 1958. “The Niger Delta has been developing Nigeria since 1958. We want to use our resources to develop our region; let regions use their resources to develop themselves,” she asserted.

Reflecting on the various bodies established to address the region’s development, Briggs lamented their failure to deliver meaningful progress. She highlighted the Niger Delta Basin Authority, the Oil Mineral Producing Areas Development Commission (OMPADEC), and the NDDC as examples of ineffective interventions.

“NDDC was created by Olusegun Obasanjo…There was OMPADEC before NDDC. OMPADEC was an agency. Before OMPADEC, there was the Basin Authority…These authorities were created to help us. Were we helped by those authorities? No, we were not,” she said.

Briggs further described the NDDC as an “ATM for failed politicians, disgruntled politicians, and politicians that have had their electoral wins taken away from them and given to somebody else.”

Her remarks underscore the deep-seated frustrations in the Niger Delta, where residents continue to advocate for greater control over their resources and improved governance.

Continue Reading

You May Like

Copyright © 2024 Acces News Magazine All Right Reserved.

Verified by MonsterInsights