Supreme Court suspends Central Bank of Nigeria’s February 10 deadline of new naira notes

A landmark decision on the new Naira redesign design policy was made on Wednesday by the Supreme Court of Nigeria, who restrained the Federal Government from continuing with the full implementation of the demonetization policy.


TMY Newspapers reports that three northern states, Kaduna, Kogi and Zamfara, had, in a motion ex-parte filed on February 3rd, prayed the Supreme Court to stop the CBN’s naira redesign policy.


In a unanimous ruling, a seven-man panel of the apex court in the land led by Justice John Okoro, granted an interim injunction restraining the Federal Government, CBN, commercial banks, and others from continuing with the implementation of the February 10 deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.



The revered justices of the Supreme court further held that the federal government, Central Bank of Nigeria and all deposit money banks in the land must discontinue with the deadline pending the determination of a notice on notice in respect of the issue on February 15.


Our correspondent, who was at the court reports that by the ruling, the old Naira notes continue to be legal tenders in Nigeria.

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