Breaking: FG Takes Decision On Feb 10 Deadline For Naira Swap

The Federal Government has taken the decision to obey the ruling of the Supreme Court suspending the February 10 deadline given by the Central Bank of Nigeria, CBN on the exchange of naira notes.

The Attorney General of the Federation, Abubakar Malami confirmed the development in an interview with Arise News on Thursday evening. He, nevertheless, said that the Federal Government was hopeful that the ex parte ruling which expires on Wednesday, February 15, 2023 would be upturned.

According to him the CBN which is a necessary party to the issue was not joined and as such the Supreme Court lacks jurisdiction to decide on the matter in the first instance.

Malami, however, said that the decision of the government to obey the Supreme Court order on the naira deadline was upon the administration’s inclination to the rule of law.

Meanwhile, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) says it will sanction fuel stations that reject the use of Point of Sale (POS) machines or bank transfers at their outlets.

This is contained in a statement by Mr Kimchi Apollo, General Manager, Corporate Communications and Stakeholders Management, NMDPRA,  on Thursday in Abuja.

The statement frowned at the act by the retail outlets due to the recent cash crunch brought about by the new Naira design.

“It has come to the attention of the NMDPRA that some retail outlets are not accepting the use of POS machines at their fuelling stations due to the recent cash crunch brought about by the new Naira design.

“The authority frowns at this recent behaviour which is causing untold hardship for Nigerians at a time when all hands should be on deck to assist the government in the transition to the new Naira,” he said

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