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Speaker of the House of Representatives calls on Central Bank to Comply with Supreme Court Decision on Naira Redesign and Cash Withrawal Policies
The Speaker of the House of Representatives in Nigeria, Femi Gbajabiamila, has called on the Central Bank of Nigeria (CBN) to abide by the recent Supreme Court judgment, which invalidated the naira redesign and cash withdrawal limit policy implemented by the Federal Government.
The court found that the policy was not in compliance with the Constitution and the Central Bank of Nigeria Act, and ordered that the old N1,000, N500, and N200 notes continue to be in circulation alongside the newly redesigned notes until December 31, 2023.
The court also faulted the President for declaring that the old N1,000 and N500 notes were no longer legal tender, and extending the validity of the N200 note beyond its initial expiration date.
Gbajabiamila praised the governors of Kaduna, Kogi, and Zamfara for challenging the policy in court and said that the House would carry out a review of the failed policy to take legislative actions to prevent similar occurrences.
Credit: https://punchng.com/new-naira-cbn-must-comply-with-supreme-court-judgment-says-gbajabiamila/
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