With all the trending news reports and articles on the supreme court's ruling against the February 10th deadline by the CBN it's time to examine what the constitution actually says concerning this issue.
As Clearly Stated In The CBN ACT Of 2007
As Clearly Stated in the CBN Act of 2007 Section 20, Sub Section 3 "Notwithstanding Sub-sections (1) and (2) of this section, the Bank shall have power, if directed to do so by the President and after giving reasonable notice in that behalf, to call in any of its notes or coins on payment of the face value thereof and any note or coin with respect to which a notice has been given under this Sub- section, shall, on the expiration of the notice, cease to be legal tender, but, subject to section 22 of this Act, shall be redeemed by the Bank upon demand."
Verdict: False. The Supreme Court cannot entirely restrain the CBN from acting on its deadline for the "Old Naira Notes" to cease to be a legal tender.
Read The Full CBN ACT Below:
