Supreme court restrains CBN from implementing old Naira notes deadline

Our reporter/ The Supreme Court of Nigeria on Wednesday restrained the Federal Government from implementing the February 10 Deadline for the old 200, 500 and 1000 naira notes to stop being legal tenders.

Three northern states — Kaduna, Kogi and Zamfara — had in a motion ex-parte filed on February 3rd, by their lawyer, AbdulHakeem Mustapha (SAN), prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.

A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.

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The court further held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.

By this ruling, the old Naira notes continue to be legal tenders in Nigeria

After the ruling, the lawyer to the three state government, Mustapha said Zamfara, Kogi and Kaduna dragged the Federal Government and the apex bank to the highest court because the policy is causing hardship on Nigerians, especially those in the rural areas

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