Despite the Central Bank of Nigeria’s insistence that ancient Naira notes are no longer acceptable, the Supreme Court in Nigeria has upheld that the use of such notes is legal. The court’s decision comes after the Federal Government attempted to implement a closing date for the use of historical notes, which the court prohibited. The court has advised an attorney for three states to file a formal application and allow the respondent to respond, with a hearing of the lawsuit scheduled for February 22. The ruling emphasizes the importance of using legal tender in transactions and the need for government institutions to comply with court orders.
The ruling also has implications for the Federal Government’s naira swap policy, which is aimed at replacing historical banknotes with new ones. While the policy may have its benefits, it is important to ensure that it is fair and non-discriminatory towards all citizens, regardless of their access to digital payment platforms. The lawsuit filed by the three states challenges the legality of the policy on these grounds, and it remains to be seen how the court will rule.
The Supreme Court’s decision highlights the importance of upholding the rule of law in Nigeria, as failure to do so can erode public trust in the government and the justice system. It is crucial for Nigeria to foster an environment of trust and stability, which is essential for economic growth and development.
The court’s reaffirmation of the illegality of historical Naira notes is a timely reminder for individuals and businesses to ensure that they are using legal tender to avoid serious legal consequences. The use of illegal tender can have severe consequences, such as fines and even imprisonment, and it is important to take steps to prevent its use.
Moreover, the court’s decision underscores the importance of policies that are fair and non-discriminatory towards all citizens. In a country where many people do not have access to digital payment platforms, it is important to ensure that policies do not discriminate against those who rely on cash transactions.
Overall, the Supreme Court’s ruling serves as a call to action for individuals, businesses, and government institutions to uphold the rule of law and ensure that policies are fair and just. By doing so, Nigeria can create an environment of trust and stability that is essential for its economic growth and development
