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[UPDATED] New Naira: 10 States Ask Supreme Court To Void Buhari’s Directive

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Ten states have asked the supreme court to declare the new directive of President Muhammadu Buhari reintroducing the old N200 notes and declaring old N500 and N1,000 notes as unconstitutional.

On Thursday, Buhari said he directed the Central Bank of Nigeria to recirculate only the old N200 notes.

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This is after the apex court did not vacate the order that the old N200, N500, and N1000 notes are still legal tender.

This is after the apex court did not vacate the order that the old N200, N500, and N1000 notes are still legal tender.

The plaintiffs, which comprise the 10 states in the ongoing suit, are Kaduna, Kogi, Zamfara, Ekiti, Ondo, Katsina, Ogun, Cross River, Lagos and Sokoto states.

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They stated that by varying the order of the supreme court, the president has caused an “embarrassing dilemma as to which directives and order should be complied with between the order of the Supreme Court and the counter-directive of the first defendant, which was issued later in time.”

In the motion on notice, the states are praying the court for an order setting aside the directive in the special and presidential media broadcast, delivered on Thursday, February 16, 2023, by the president of the Federal Republic of Nigeria ( the substantive defendant in the suit) for being an unconstitutional overreach and usurpation of the judicial power of this court and a matter constituting the subject matter of the pending suit herein; and in respect whereof there subsists an order of interim injunction, binding on all parties, inclusive of the president, who is a party through the named nominal defendant in person of the first defendant as the chief legal officer of the Federation”.

The plaintiffs referenced that the substantive suit which commenced on February 8th is currently before the court with an interim injunction to the effect that the old N200, N500, N1,000 notes remained legal tender in Nigeria pending the determination of the motion on notice.

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The plaintiffs further stated that the interim order of the Supreme Court was reaffirmed on February 15, 2023.

READ ALSO: Ex-finance Minister Blames CBN For New Naira Crisis

“Contrary to the order of this honourable court, the substantive first defendant through the president of the Federation and its agent, the Central Bank of Nigeri have repeatedly released statements that the old naira notes are no longer legal tender, hence resulting in misleading the general public on what the status quo to be complied with, pendente lite should be”.

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“…the first defendant decided to openly flout the orders of the Honorable court on Thursday, the 16th of February 2023 when the President delivered a special and presidential media broadcast, during which the President openly and publicly varied the order of the court by directing that all the old Naira notes excluding the old N200 were no longer legal tender and same would not be accepted except by the Central Bank of Nigeria, at its branches or designated points”.

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NNPCL Increases Fuel Price

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The Nigerian National Petroleum Company Limited, NNPCL, has increased the pump price of premium motor spirit across its retail outlets.

It was gathered that NNPCL retail outlets in Abuja have adjusted their fuel pump price to N955 per litre from N890.

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This is the case in NNPCL retail outlets along Kubwa Expressway, Wuse and other parts of Abuja.

READ ALSO:Fuel Station Manager, Three Others Arrested For Robbery

Similarly, the pump price hike has been implemented at filling stations in Kogi and Nasarawa.

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This means that the petrol pump price was increased by N65.

This comes after independent petroleum product marketers and filling station owners in Abuja increased petrol pump prices to between N950 and N971 per litre at the weekend. Their decision followed an upward review of the ex-depot petrol price by Dangote Refinery to N858 per litre, up from N820.

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Naira Appreciates Against Dollar As External Reserves Swell

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The naira appreciated against the dollar at the official foreign exchange market on Monday to begin the week on a bullish note amid swelling external reserves.

According to the Central Bank of Nigeria’s exchange data, the naira appreciated to N1,531.95 against the dollar on Monday from N1,533.74 traded last week Friday.

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READ ALSO:Naira Continues To Appreciate Against Dollar On Official Market

This showed that the Naira strengthened by N1.79 when compared to the N1,533.74 exchanged at the close of work last week.

Meanwhile, at the black market, the naira remained stable at N1560 per litre, the same exchange rate traded on Friday.

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The development comes as Nigeria’s external reserves had maintained a modest rise to $39.54 billion as of August 1st, 2025, up from $39.36 billion on July 30th.

 

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Naira Continues To Appreciate Against Dollar On Official Market

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The naira continued its appreciation against the dollar at the foreign exchange market on Tuesday.

Accordingly, the naira strengthened further to N1,533.18 against the dollar on Tuesday, from N1,534.21 traded the previous day.

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This represents a gain of N1.03 against the dollar on a day-to-day basis and marks the second consecutive day of appreciation at the official FX market.

READ ALSO:Woman Arrested For Killing, Selling Pregnant Nurse’s Body Parts

Meanwhile, on the black market, the naira depreciated further to N1,545 per dollar on Tuesday from N1,537 traded on Monday.

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Recall that the naira had similarly closed Monday’s trading session with mixed sentiments, recording gains at the official market but depreciating at the parallel market.

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