“The directive given by the President is invalid. Such a directive is not just handed down after personal conversation with the governor of CBN Central Bank of Nigeria,” the court held. Agim, therefore, stated that the old naira notes will remain valid until December 31, 2023, to relief citizens. Now the judgment has effectively overruled CBN and the Federal Government ban on the use of old N500, and N1000 notes and also the April 10 validity of N200 notes. However, the MPC meeting consists of the Governor of the Bank CBN who shall be the Chairman; four Deputy Governors of the Bank; two members of the Board of Directors of the Bank; three members appointed by the President and two members appointed by the Governor. The MPC meeting, which is scheduled to take place in Abuja, will be chaired by the CBN Governor, Godwin Emefiele. The committee is also expected to review the current state of the economy and make decisions on key policy issues such as interest rates, exchange rates, and inflation. Meanwhile, Mr. Mike Osatuyi, National Operations Controller of the independent Petroleum Marketers Association of (IPMAN), on his part, commended the Supreme Court ruling. Osatuyi, however, said that lPMAN’s members would abide by the court order, but would “await Federal Government’s directive”. “For us at IPMAN, we are law abiding marketers and we are ready for whatever the directives are. “The order has just been passed, let’s await the government’s reaction before taking any further actions,” he said.
