Supreme Court stops CBN, FG from enforcing old naira deadline
The Supreme Court on Wednesday issued an interim order to halt the move by the Federal Government and the Central Bank of Nigeria (CBN) from enforcing the February 10 deadline for the phasing out of the old naira notes.
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.
Justice Okoro, while ruling on the motion, 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.
