Five tins you need to know about Supreme court hearing on di old naira notes and wetin go happun next
Wia dis foto come from, Getty Images
Nigeria Supreme Court on Wednesday chook eye for di mata before am on di deadline around di kontri old naira notes - N1,000, N500 and N200 plus di naira swap policy of di central bank of Nigeria.
Di apex court adjourn di case till Wednesday, 22 February- three days before di kontri presidential election.
Before today, pipo bin dey expect to see and hear wetin di court go tok ontop di mata to clear confusion wey don dey ground.
Wit di adjournment of di case di question pipo dey ask now na if di old Naira notes still be legal tender.
We break am down for dis tori.
But first how we take reach here?
How we reach here
Afta CBN introduce im new design of some Naira notes sake of wetin dem call currency management problem, di apex bank first set a deadline of January 31, 2023.
Dem ask pipo to deposit dia old N200, N500 and N1,000 notes and receive di new ones, wit some withdrawal limits.
End of Di one wey oda users dey read well well
CBN later extend di deadline to February 10, 2023 afta kasala burst wen many pipo no fit withdraw cash.
Dis mata make Supreme Court to give order say make CBN march brake for di old naira notes to stop to be legal tender.
Na Three Northern States, Kaduna, Kogi and Zamfara, bin file motion ex-parte on February 3rd, say make di top court stop Central Bank of Nigeria (CBN) naira redesign policy.
Di court wey bin sit on Wednesday to hear di mata, later postpone dia ruling to February 22, 2023 - three days before di kontri presidential election.
Govnor Yahaya Bello of Kogi states, and im counterpart for Kaduna state, Nasir El-Rufai and Yahaya Bello wey drag CBN go court, also show face for di hearing.
Meanwhile, di Attorney-General of di Federation (AGF), Abubakar Malami bin don ask di Supreme Court to dismiss di suit wey di three state goments file to challenge di naira redesign policy of di Central Bank of Nigeria (CBN).
Wetin di adjournment of di supreme court mean for di old notes?
"Old note still remain legal tender."
Na wetin di lawyer to di plaintiff, Abdulhakeem Mustapha say di adjournment by di Supreme court mean, di law wey dem give to ask CBN to match break on di Naira swap deadline still hold.
"Di implication be say di old notes na still legal tender for dis kontri
"Di policy or directives wey CBN govnor give become inconsequential sake of say di court don extend di lifespan of di interim order wey dem grant on di eight of February.", Oga Mustapha tok.
To dis effect, di lawyer say di old notes and di new notes, all of dem na legal tenders in Nigeria until dem resume court hearing on Wednesday, February 22, 2023.
E say any oda step go contravene di order of di supreme court.
Wetin CBN lawyer tok?
Di federal goment lawyer, Kanu Agabi say dem dey try reason wit di supreme court to resolve di Naira notes deadline kasala.
E no tok weda CBN still stand on im directives of weda di old notes still be legal tender or weda di apex banks get any plans to follow di supreme court directives.
E also address di issue of money wey no dey available for ATM machines. E say di CBN no get any blame for di mata.
“Na di banks dey operate di ATMs and I join in appealing to di banks to put money inside di machines, e tok.”
But di Central Bank govnor, Godwin Emefiele neva comot to address di mata, on February 15, 2023, but di bank share one post on dia website on how pipo fit deposit dia old notes for di CBN offices.
CBN deadlines and why e dey cause confusion
Di Central Bank of Nigeria bin set two deadlines wey be February 10 and February 17.
Di first deadline na di 10-day extension of di deadline from January 31 to February 10, 2023 wey go allow for collection of more old notes wey Nigerians get and to achieve success for di swap for di rural communities.
Afta dat date, all old notes outside of di CBN go lose dia legal tender status - e mean say you no go fit spend am again.
CBN say dia staff dey on mass mobilisation and dey monitor togeda wit officials of di EFCC and ICPC to achieve di objectives.
Di second deadline na di seven-day grace period wey go start on February 10 to 17.
Na im compliance wit sections 20(3) and 22 of di CBN Act wey allow Nigerians to deposit dia old notes at di CBN afta di February deadline wen di old currency for don lose im legal tender.
Reports say commercial banks don stop to dey collect cash from customers and CBN on Wednesday also release guidelines on how Nigerians fit deposit dia old notes
According to di latest CBN guidelines, deposit of old notes at any of im branches across di kontri na from February 15 and 17 - Dis na in-line wit dia earlier deadlines dem release before di Supreme Court palava.
Dis one join dey cause confusion.
Protests break out across Nigeria sake of cash shortage
Wia dis foto come from, others
Meanwhile, protests don break out for some parts of southern Nigeria as pipo dey para ontop di scarcity of cash
Social media reports show say Benin City don dey shutdown, as protesters dey attack banks and destroy ATM machines.
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Protests don also take place for Ibadan city, wia dem block major roads wit burning tyres and banks, shops and oda businesses close shop.
Local journalist Remi Feyisipo tell tori pipo for AFP news agency say protesters dey para because traders, petrol stations and transporters dey reject di old notes for transactions.
Wia dis foto come from, Getty Images
States goments give go ahead to old notes
Wia dis foto come from, Twitter/Prince Dapo Abiodun
Some govnors for Nigeria don give order to commercial banks make dem no reject old notes or dem go risk shut down.
On Sunday, di Kano state goment shutdown one popular supermarket, Welcare ova accusation say dem dey reject old naira notes even though Supreme Court give order say make pipo continue to dey use am.
Afta di shutdown, some Kano state goment officials also comot on social media dey ask pipo to name shops or businesses for dia area wey dey also reject old naira notes.
Zamfara State Govnor Bello Matawalle ova di weekend order di arrest of anyone wey refuse to accept the old currency notes of ₦200, ₦5000 and ₦1,000 for di state.
Di govnor yan say old currency notes remain legal tender until the final verdict of di case dem enta against di Central Bank of Nigeria and di federal govment by di supreme court.
For one statement by im media aide, Jamilu Iliyasu, Matawalle say: “Anyone wey refuse to accept old currency for state go chop arrest.”
For video wey go viral days ago also, Govnor Nasir Elrufai ask pipo for Kaduna state to continue to use di old notes without fear as next APC goment go reverse di policy.
“Stop dey return your money to di banks, nobody go devalue your money, I dey plead with you, na just a matA of time.” E tok.
Ogun state Govnor, Dapo Abiodun on Tuesday say dem go shut down any Commercial bank for ogun state wey refuse to accept old naira notes.
“Di sole essence of any goment na to ensure di comfort of her citizens and we go stop at notin to achieve am.” E tok.
Govnor Abiodun also waka across di state to inspect and investigate fuel stations wey dey reject di old notes.
Lagos state goment don also warn against rejection of old naira notes across di state.
For statement through di tok-tok pesin, Gboyega Akosile, di state say dem don join di case for di Supreme Court against di federla goment and CBN on di naira swap policy.
Wetin cause scarcity of Naira?
Since Sunday 29th January wey di Central Bank of Nigeria Govnor, Godwin Emefiele announce di extension of di swap of di naira note by 10 days, Nigerians don witness rush rush for di redesigned currency wey neva circulate well.
Di Central Bank of Nigeria for different times tok say dem don release enof moni wey fit go round yet naira notes both old and new still dey scarce for street.
President Muhammadu Buhari bin tok say di target of di new CBN policy on di redesigned naira notes no be di common pipo but na for pipo wey dey use money do mago-mago.
Some videos wey circulate on social media show as some pipo dey carry bundles of di new moni spray for party. Some politicians dey also share di money for political gatherings.
Dat one make Godwin Emefiele bin come out to say im don do meeting wit anti-corruption bodi to make sure say dem gbab pipo wey dey sell di new naira notes.
Di Economic and Financial Crimes Commission don also arrest some suspects for different parts of Nigeria wey dey sell di money.
Why CBN roll out new notes?
Wia dis foto come from, CBN
Emefiele tok say di CBN dey face problem wit di management of di current series of banknotes wey dey circulation, especially di ones wey dey outside di banking system for Nigeria.
E say currency management na key function of di bank, wey dey for Section 2 (b) of di CBN Act 2007.
But dem say dis function dey face many challenges wey dey increase.
Emefiele say one of di challenges na say members of di public dey hoard banknotes. E follow tok say statistics show say ova 80 percent of currency wey dey for circulation dey outside di vaults of commercial banks.
Anoda challenge na say dirty and unfit banknotes dey for circulation and dis one dey give CBN bad image and e dey increase di risk of financial instability.
CBN also tok say di currency wey dey for circulation dey increase risk of fake notes.
"For recent years, di CBN don record significantly higher rates of counterfeit especially for di higher denomination of N500 and N1,000 banknotes," Emefiele tok.
E say according to global best practice, central banks suppose dey redesign, produce and circulate new currency every 5–8 years, but CBN neva redesign di naira for di past 20 years.
