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Supreme court ruling: Banks begin recirculation of old N500, N1,000 notes

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Following judgement of the Supreme Court, which extended the validity of the Central Bank of Nigeria currency redesign policy to December 31, some banks across the country have started paying out the old N500 and N1,000 notes to customers.

Guaranty Trust Bank, Polaris Bank and some other banks were on Monday confirmed to be dispensing the old notes in Abuja and Kano.

A banker who spoke with Daily Trust was quoted as saying that the directive to begin paying the old notes in their vault was from their management.

She added, “The problem is that taking the old notes from customers will require the CBN form as we don’t have any directive in that regard.”
Meanwhile, CBN had not officially issued a bank-wide circular instructing the Deposit money bank to comply with the apex court judgment neither as the presidency reacted to the ruling.

Recall that a seven-member panel of justices presided over by Justice Inyang Okoro, on Friday, held that the directive by President Muhammadu Buhari to the CBN for the redesigning and withdrawal of old notes of N200, N500 and N1,000, without consultation with the states, the Federal Executive Council and the National Council of State and other stakeholders, was unconstitutional.

READ  Good morning! Here Are Major News Headlines In Nigerian Newspapers Today: Oil marketers threaten to close filling stations over rejection of old naira notes by banks

The apex court observed that no reasonable notice was given before the implementation of the policy as provided under the CBN Act.

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Tinubu vows to deal with criminals threatening Nigeria’s sovereignty, says ‘they have a price to pay’

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President Bola Tinubu says criminals who seek to threaten Nigeria’s sovereignty “will have themselves to blame”.

 

In a statement on Wednesday, Ajuri Ngelale, the presidential spokesperson, said Tinubu spoke when he hosted leaders of the Afenifere, the Yoruba socio-cultural organisation, in Abuja.

 

Tinubu warned that those who threaten the sovereignty of Nigeria would pay a “heavy price”.

 

He highlighted the progress made so far in safeguarding the country’s territory and sovereignty.

 

‘’I am irrevocably committed to the unity of Nigeria and constitutional democracy. Constitutional democracy is reflected greatly here since we assumed office,” the statement reads.

 

“What we face now is the challenge of terrorism. Security of life and property is very necessary for development. I can tell you we are achieving success. We have degraded terrorism to a level that they cannot threaten the sovereignty of Nigeria any longer.

 

‘’Banditry and kidnapping will be defeated. And there is no payment of ransom whatsoever. We are taking the battle to them.

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“We are getting results more rapidly than before. We are working hard on intelligence gathering. Those who think they can threaten the sovereignty of Nigeria will have themselves to blame. They have a price to pay. And we are not going to relent.”

 

Tinubu thanked the delegation led by Reuben Fasoranti, leader of Afenifere, for their prayers and support.

 

The president assured that he would not relent in his resolve to advance Nigeria.

 

He added that his administration is resolute on achieving economic stability in a fair and equitable system for all Nigerians.

‘’God bless Nigeria. God bless our unity; our diversity must bring prosperity for all for the sake of Nigeria,’’ he said.

 

Speaking earlier, Olu Falae, a former secretary to the government of the federation (SGF), commended Tinubu for his courageous decisions and the rehabilitation of the Third Mainland Bridge in Lagos, as well as other critical ongoing projects.

READ  Finally, CBN bows to pressure, says old naira notes remain legal tender till Dec 31

 

He urged the president not to relent in ensuring fairness and equity for all Nigerians while noting the importance of a constitutional amendment to devolve more powers to the states.

 

‘’We are delighted about what you are doing for our country, and we assure you of our continued support. We thank you for your visit to Akure in February 2024, and we believe it is right and proper to reciprocate your kind gesture. We appreciate this relationship, and we need to make it work in the interest of Nigeria,” Falae said.

 

‘’Mr. President, you are the leader of Nigeria now and the most important political figure in Africa. We expect you, in view of your legacy and pedigree, to lead our country with knowledge, courage, and integrity.

 

“We have no doubt that your tenure will mark a turning point in the history of our country. Under your leadership, Nigeria will be repositioned.

READ  Why Buhari consented to old naira deadline extension — Emefiele

 

“We will stand by you as you make all efforts to change the Nigeria story for the better. Be assured that Afenifere will not abandon you in fair or foul weather.

 

“As long as you remain faithful to the principles of fairness, integrity, and courage that is expected of you as the leader of Nigeria, we will stand by you.”

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BREAKING: Oyo Govt demolishes Yoruba Nation agitators’ building

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Oyo State Government, on Wednesday, demolished the building where the Yoruba Nation agitators led by Modupe Onitiri-Abiola are operating from in Ibadan, the state capital.

 

Recall that some masked persons, who invaded the state secretariat, Agodi, Ibadan, on Saturday morning, were arrested by the joint security personnel who were drafted to demobilise them.

 

The building was said to be located on Toye Oyesola Street in the Ibadan South West Local Government Area of the state.

 

The Special Adviser to the Governor on Security Matters, CP Fatai Owoseni (retd.), confirmed the demolition but declined further comment.

 

“You can get more details from the Commissioner of Police,” he simply said.

Details later…

READ  Buhari not in breach of supreme court order on naira policy, says Malami
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EFCC operatives end siege as Ododo ‘rescues’ Yahaya Bello

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Operatives of the Economic and Financial Crimes Commission (EFCC) have left the Abuja residence of Yahaya Bello, former governor of Kogi state.

 

The EFCC operatives had earlier restricted movement in and around Bello’s house situated on Benghazi street, Wuse Zone 4.

 

After a few hours, Usman Ododo, governor of Kogi, arrived at Bello’s residence and was later seen leaving with his predecessor.

 

An EFCC official could be overheard speaking with someone suspected to be his superior on the phone, saying Bello was inside Ododo’s car that departed.

Shortly after Ododo departed from Bello’s residence, the EFCC personnel left the house.

 

The development comes about a month after the EFCC named Bello in an amended money laundering charge filed against Alli Bello, chief of staff to the incumbent governor of Kogi.

 

Ali, and one Daudu Suleiman, are the two defendants in the 17-count amended charge.

The EFCC alleged that the suspects diverted about N100 billion belonging to the Kogi government.

READ  Buhari not in breach of supreme court order on naira policy, says Malami

 

Responding to the EFCC charge, the Kogi government said funds belonging to the state did not go missing under the former governor.

 

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