BREAKING: Supreme Court stops FG, CBN from banning old Naira notes by February 10
The Supreme Court has stopped the Federal Government and the Central Bank of Nigeria (CBN) from withdrawing the old Naira notes as a legal tender by February 10.
The apex court gave the interim injunction on Wednesday after the governors of Kogi, Kaduna and Zamfara states dragged the Federal Government and CBN to court.
According to the Supreme Court, the Federal Government and the CBN cannot withdraw the old N200, N500 and N1,000 notes in place of the redesigned notes as from the February 10 deadline.
In a motion ex-parte filed on their behalf by their lawyer, AbdulHakeem Uthman Mustapha (SAN), the three northern states urged the apex court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the N200, N500 and N1000 denominations of the local currency may no longer be legal tender on February 10, 2023.
The court is expected to give judgment on the matter on February 15.
