The Supreme Court of Nigeria has granted an order restraining the Federal Government and the Central Bank of Nigeria (CBN) from implementing the February 10 deadline for the continuous use of the old 200, 500 and 1000 naira notes as legal tender in Nigeria.
This was sequel to a lawsuit originating from three northern states; Kaduna, Kogi and Zamfara, who had in a motion ex-parte filed on February 3rd, prayed the court halt the CBN from going ahead with the February’s 10 deadline for old naira notes.
A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, further held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue on February 15.
By this ruling, it is being expected that the old Naira notes would continue to be legal tender in Nigeria.
More to come soon…
