Investogist
No Result
View All Result
Saturday, October 4, 2025
  • News
    • All
    • Africa
    • Nigeria
    • World
    JUST IN: All women banned from universities in Afghanistan

    FULL LIST: Flagyl, Artemether-Lumefantrine among over 100 drugs banned by NAFDAC

    FULL TEXT: Tinubu’s address to Nigerians on #EndBadGovernance protest

    Full text of President Bola Tinubu’s 65th Independence Day speech

    Buhari finally inaugurates Dangote refinery, facts about the refinery

    JUST IN: Dangote Refinery resumes petrol sales in naira after FG’s intervention

    U.S. Reinstates Five-Year Visas for Ghanaians Following Deportation Deal

    U.S. Reinstates Five-Year Visas for Ghanaians Following Deportation Deal

    Dangote refinery to export first fuel cargoes

    PENGASSAN directs members to stop gas, crude supply to Dangote Refinery

    NNPC says no plan to increase petrol price in March

    IPMAN announces petrol price hike as Dangote Refinery suspends petrol sale in Naira

    NASCON Allied Industries Plc. Announces Closed Period for Q3 2025

    NASCON Allied Industries Plc. Announces Closed Period for Q3 2025

    Ebuka Obi Commissions Southeast First Free Psychiatric Hospital in Anambra

    Ebuka Obi Commissions Southeast First Free Psychiatric Hospital in Anambra

    UBA declares N0.25k interim dividend for H1 2025

    UBA declares N0.25k interim dividend for H1 2025

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    The New Tax Acts and Tax ID – What You Need to Know

    The New Tax Acts and Tax ID – What You Need to Know

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    Ellah Lakes to acquire ARPN Nigeria Limited in Landmark Agro-Industrial deal

    Wema Bank Plc surpasses recapitalisation target

    Wema Bank Plc lists additional 14.14 billion ordinary shares

    Existing Unity Bank Shareholder Acquires AMCON’s 34% Stake

    Unity Bank Shareholders Approve Merger with Providus Bank

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    Lafarge Africa Plc Schedules Board Meeting for Q3 2025, Begins Closed Period October 1

    Lafarge Africa Plc Schedules Board Meeting for Q3 2025, Begins Closed Period October 1

    Marketers are not buying our petrol, we have 500 million liters in our tank – Dangote

    FG Summons PENGASSAN, Dangote Refinery for Emergency Talks to Avert Nationwide Strike

    Ecobank reports N35.883 billion Profit for 2020 Financial Year, 63.92% lower than 2019 figures

    Ecobank completes sale of its stake in Ecobank Mozambique to FDH Bank Plc

    Existing Unity Bank Shareholder Acquires AMCON’s 34% Stake

    Existing Unity Bank Shareholder Acquires AMCON’s 34% Stake

    Toyota Recalls 1,500 Supra Vehicles Over Fire Hazard Concerns

    Toyota Recalls 1,500 Supra Vehicles Over Fire Hazard Concerns

    • Companies
    • Industry
    • Technology
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

    FCMB Group Lists 3.16bn Ordinary Shares on NGX Following Loan-to-Equity Conversion

    Bitcoin might be getting ready for $75,000

    MicroStrategy Buys 850 Bitcoin for $99.7 Million

    Falana sues Meta, demands $5m over invasion of privacy

    Meta Unveils Next-Gen Smart Glasses with Built-In AI and AR

    Dangote Refinery Marks Historic First Petrol Export to U.S., Boosting Nigeria’s Energy Profile

    Dangote Refinery Marks Historic First Petrol Export to U.S., Boosting Nigeria’s Energy Profile

    Elon Musk’s Tesla Share Price dropped nearly 16% in a “very intense 7 days”

    Elon Musk buys US$1 Billion worth of Tesla Inc. shares

    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
Investogist
  • News
    • All
    • Africa
    • Nigeria
    • World
    JUST IN: All women banned from universities in Afghanistan

    FULL LIST: Flagyl, Artemether-Lumefantrine among over 100 drugs banned by NAFDAC

    FULL TEXT: Tinubu’s address to Nigerians on #EndBadGovernance protest

    Full text of President Bola Tinubu’s 65th Independence Day speech

    Buhari finally inaugurates Dangote refinery, facts about the refinery

    JUST IN: Dangote Refinery resumes petrol sales in naira after FG’s intervention

    U.S. Reinstates Five-Year Visas for Ghanaians Following Deportation Deal

    U.S. Reinstates Five-Year Visas for Ghanaians Following Deportation Deal

    Dangote refinery to export first fuel cargoes

    PENGASSAN directs members to stop gas, crude supply to Dangote Refinery

    NNPC says no plan to increase petrol price in March

    IPMAN announces petrol price hike as Dangote Refinery suspends petrol sale in Naira

    NASCON Allied Industries Plc. Announces Closed Period for Q3 2025

    NASCON Allied Industries Plc. Announces Closed Period for Q3 2025

    Ebuka Obi Commissions Southeast First Free Psychiatric Hospital in Anambra

    Ebuka Obi Commissions Southeast First Free Psychiatric Hospital in Anambra

    UBA declares N0.25k interim dividend for H1 2025

    UBA declares N0.25k interim dividend for H1 2025

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    China Warns Against NATO Tariffs After Trump’s Suggestion to Target Chinese Imports

    The New Tax Acts and Tax ID – What You Need to Know

    The New Tax Acts and Tax ID – What You Need to Know

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

    Ellah Lakes to acquire ARPN Nigeria Limited in Landmark Agro-Industrial deal

    Wema Bank Plc surpasses recapitalisation target

    Wema Bank Plc lists additional 14.14 billion ordinary shares

    Existing Unity Bank Shareholder Acquires AMCON’s 34% Stake

    Unity Bank Shareholders Approve Merger with Providus Bank

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    Lafarge Africa Plc Schedules Board Meeting for Q3 2025, Begins Closed Period October 1

    Lafarge Africa Plc Schedules Board Meeting for Q3 2025, Begins Closed Period October 1

    Marketers are not buying our petrol, we have 500 million liters in our tank – Dangote

    FG Summons PENGASSAN, Dangote Refinery for Emergency Talks to Avert Nationwide Strike

    Ecobank reports N35.883 billion Profit for 2020 Financial Year, 63.92% lower than 2019 figures

    Ecobank completes sale of its stake in Ecobank Mozambique to FDH Bank Plc

    Existing Unity Bank Shareholder Acquires AMCON’s 34% Stake

    Existing Unity Bank Shareholder Acquires AMCON’s 34% Stake

    Toyota Recalls 1,500 Supra Vehicles Over Fire Hazard Concerns

    Toyota Recalls 1,500 Supra Vehicles Over Fire Hazard Concerns

    • Companies
    • Industry
    • Technology
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    Strategy Inc. Adds 196 Bitcoin for $22.1M, Pushing Holdings to $72B

    FY 2020: FCMB Group Plc gross earnings, profit, assets see double-digit growth rates

    FCMB Group Lists 3.16bn Ordinary Shares on NGX Following Loan-to-Equity Conversion

    Bitcoin might be getting ready for $75,000

    MicroStrategy Buys 850 Bitcoin for $99.7 Million

    Falana sues Meta, demands $5m over invasion of privacy

    Meta Unveils Next-Gen Smart Glasses with Built-In AI and AR

    Dangote Refinery Marks Historic First Petrol Export to U.S., Boosting Nigeria’s Energy Profile

    Dangote Refinery Marks Historic First Petrol Export to U.S., Boosting Nigeria’s Energy Profile

    Elon Musk’s Tesla Share Price dropped nearly 16% in a “very intense 7 days”

    Elon Musk buys US$1 Billion worth of Tesla Inc. shares

    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home News

BREAKING: Kaduna, Kogi, Zamfara Govts Drag FG to Supreme Court over new naira scarcity

Monday, 6 February 2023, 10:31 am
in News, Nigeria
0
Security features of the new naira notes revealed by the CBN
Share Share Share Share Send as Email

The governments of Kaduna, Kogi and Zamfara have dragged the Federal government before the Supreme Court, seeking a restraining order to stop the full implementation of the Central Bank of Nigeria (CBN)’s naira redesign policy.

In a motion ex-parte filed on their behalf by their lawyer, AbdulHakeem Uthman Mustapha (SAN), the three states are urging the apex court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023, Channels Television reported.

The Plaintiffs in the suit are the three Attorneys-General and Commissioners of Justice of the three states, while the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), is the sole Respondent.

The Plaintiffs said that citizens of the states who have dutifully deposited their old naira notes in the banks are finding it extremely difficult to go about their daily activities due to the acute shortage in the supply of the new naira notes  in Kaduna, Kogi and Zamfara States.

The Plaintiffs further maintained that the ten-day extension by the Federal Government is still insufficient to address the challenges bedeviling the policy.

Read also:

The states are seeking a declaration that the Demonetization Policy of the Federation being currently carried out by the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject, according to the report.

They are also asking the court to make a declaration that the three-month notice given by the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old Banknotes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that Reasonable Notice must be given before such a policy.

The Plaintiffs are also urging the court for a declaration that given the express provisions of Section 20(3) of the Central Bank of Nigeria Act 2007, the Federal Government of Nigeria, through the Central Bank of Nigeria, has no powers to issue a timeline for the acceptance and redeeming of banknotes issued by the Bank, except as limited by Section 22(1) of the CBN Act 2007. The Central Bank shall at all times redeem its bank notes.

The Plaintiffs further want the court to direct the immediate suspension of the demonetisation of the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria until it complies with the relevant provisions of the law.

In an affidavit filed in support of the suit and sworn to by the Attorney General and Commissioner for Justice, Kaduna State, Aisha Dikko, she averred that although the naira redesign policy was introduced to encourage the cashless policy of the Federal government, it is not all transactions that can be conveniently carried out through electronic means.

She also pointed out that the Federal Government has embarked on the policy within a narrow and unworkable time frame.

Diko maintained that several transactions still require cash in exchange for goods and services hence the need for the Federal Government to have sufficient money available in circulation for the smooth running of the economy.

“That the majority of the indigenes of the Plaintiffs’ states who reside in the rural areas have been unable to exchange or deposit their old naira notes as there are no banks in the rural areas where the majority of the population of the states reside.

“Most people in rural areas of the Plaintiffs’ states do not have bank accounts and have so far been unable to deposit their life savings which are still in the old naira notes.

“There is restiveness amongst the people in the various states because of the hardship being suffered by the people, and the situation will sooner than later degenerate into the breakdown of law and order.

“The Plaintiff State Governments cannot stand by as they are duty-bound to protect citizens in their states and prevent the breakdown of law and order.

“I know that if the Federal Government of Nigeria had given sufficient and reasonable time for the naira redesign policy, all the current hardship and loss being experienced by the Plaintiffs’ State Governments as well as people in the various states would have been avoided.

“I know that the 10-day extension by the Federal Government is still insufficient to address the challenges bedevilling the policy. I also understand that the Federal Government cannot bar Nigerians from redeeming their old naira notes at any time, even though the senior notes are no longer legal tender.

“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,” she stated.

No date has been fixed for the hearing of the suit, according to the report.

Ifunanya Ikueze
Ifunanya Ikueze

Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.

Related Posts:

  • Breaking News 2
    BREAKING: Supreme Court halts the banning of old naira notes
  • New naira notes
    BREAKING: Supreme Court again adjourns suit on naira…
  • Malami
    NAIRA NOTES: FG will obey Supreme Court ruling…
  • Buhari
    NAIRA NOTES: FG Files objection against Supreme…
Previous Post

I paid N1,000 per litre for fuel – Oshiohmole

Next Post

JUST IN: Death toll rises above 1,200 in major earthquake that struck Turkey and Syria

Next Post
JUST IN: Death toll rises above 1,200 in major earthquake that struck Turkey and Syria

JUST IN: Death toll rises above 1,200 in major earthquake that struck Turkey and Syria

Please login to join discussion
  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2025, qualification and payment dates

Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

Ellah Lakes to acquire ARPN Nigeria Limited in Landmark Agro-Industrial deal

Wema Bank Plc surpasses recapitalisation target

Wema Bank Plc lists additional 14.14 billion ordinary shares

List of Dividends announced in 2024, qualification and payment dates

List of Dividends announced in 2024, qualification and payment dates

Ellah Lakes Plc announces EGM to approve N250 billion capital raise, debt to equity conversion

Ellah Lakes to acquire ARPN Nigeria Limited in Landmark Agro-Industrial deal

Wema Bank Plc surpasses recapitalisation target

Wema Bank Plc lists additional 14.14 billion ordinary shares

JUST IN: All women banned from universities in Afghanistan

FULL LIST: Flagyl, Artemether-Lumefantrine among over 100 drugs banned by NAFDAC

FULL TEXT: Tinubu’s address to Nigerians on #EndBadGovernance protest

Full text of President Bola Tinubu’s 65th Independence Day speech

Quick Links

News
Economy
Markets
Business
Opinion & Analysis

Newsletter Signup

Contact Investogist

info@investogist.com

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us

Copyright © 2025 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Business
    • Companies
    • Industry
    • Technology
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies

Copyright © 2025 investogist.com, All Rights Reserved