Breaking: Supreme Court Restrains CBN From Implementing Deadline For Old Naira Notes Validity
The Supreme Court of Nigeria has restrained the Federal Government from implementing the February 10 Deadline of the old 200, 500 and 1000 naira notes to stop being legal tender.
In a motion ex-parte submitted on February 3rd, three northern states, Kaduna, Kogi, and Zamfara asked the supreme court to halt the Central Bank of Nigeria’s (CBN) naira redesign strategy.
An interim injunction prohibiting the Federal Government, Central Bank of Nigeria, commercial banks, and other parties from enforcing the February 10 deadline for the old 200, 500, and 1000 Naira notes to cease being legal tender was granted by a seven-member Supreme Court panel led by Justice John Okoro in a unanimous decision.
The court further ruled that the FG, CBN, and commercial banks could not enforce the deadline until February 15 when a notice on notice about the matter would be decided.
This decision maintains the legal tender status of the old Naira notes in Nigeria. According to Channels Television report.
