BANK OF THE NORTH LIMITED
V.
CBN

(1972) JELR 40151 (SC)    

Supreme Court  ·  SC.118/1970 ·  5 May 1972 ·  Nigeria
 · 
Other Citations
(1972) All N.L.R 488 (1972) 5 S.C 45
CORAM
TASLIM OLAWALE ELIAS Justice of The Supreme Court of Nigeria IAN LEWIS Justice of The Supreme Court of Nigeria UDO UDOMA Justice of The Supreme Court of Nigeria
Core Terms Beta
defendant
central bank
decree no.
22nd january
plaintiffs
banks
learned trial judge
defendant central bank
23rd january
legal tender
mr. impey
central bank of nigeria act
old currency notes
23rd december
exchanges of the old notes
grounds of appeal
currency conversion
current banking account
face value
issues of notes
mistake of fact
said currency notes
suit no. ld
value of 88,800ponds
30th january
aforementioned date
case of coins of denominations
central bank currency notes
confidential directive
currency notes
defendant currency notes
exchange of new notes
legal right
legal status
particulars of claim
particulars of such transactions
private rights
provisions of subsections
reason of sections
required procedure
said letter
said sum of 88,800pounds
subject matter of the plaintiffs
such credit
such payment

I. LEWIS, J.S.C. (Delivering the Leading Judgement): In Suit No. LD/634/68 the plaintiffs' amended particulars of claim read:-

"The plaintiff's claim against the defendant is for 88,800pounds with interest thereon at 4 per cent per annum from the 2nd February, 1968 to judgment or alternatively for a declaration that the defendant is not entitled to debit the plaintiff's account with the said sum of 88,800pounds which is due and owing to the plaintiff.",

and paragraphs 3-7 of the statement of claim read:-

"3. By a confidential directive to the plaintiff dated the 23rd December, 1967 the defendant notified the plaintiff that all currency notes issued by the defendant for the years 1959 and 1965 received by the plaintiff before the 23rd January, 1968 and paid into the defendant before the 30th January, 1968 would be treated as legal tender for the purposes of crediting the plaintiff's account with the defendant or exchange of new notes to the plaintiff by the defendant.

4. Paragraph 7…

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