JUST IN: Nigeria Supreme Court stops old naira notes ban

News Flash
Help Us Share This Article

Nigeria Supreme Court on Wednesday temporarily halted the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.

A seven-member panel led by Justice John Okoro halted the federal government plan in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

The order was handed down on Monday by Justice E. Enenche following an application by four political parties.That said, the three governors, who dragged the CBN and the Federal Government to the Supreme Court, were seeking a halt to the full implementation of the naira redesign policy initiated by the apex bank.

Ruling on the motion, Justice Okoro held that “An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction”.He, however, adjourned to February 15, 2023, for a hearing of the main suit.


Help Us Share This Article

Leave a Reply

Your email address will not be published. Required fields are marked *