The Supreme Court of Nigeria has restrained the Federal Government and the Central Bank of Nigeria (CBN) from ending the use of old N200, N500 and N1000 banknotes on February 10, 2023.
In a motion ex-parte filed on February 3rd, three northern states, Kaduna, Kogi, and Zamfara, had prayed the apex court to halt CBN’s naira redesign policy.
A 7-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, and commercial banks among other institutions from implementing the February 10 deadline for the old 200, 500, and 1000 Naira notes to stop being legal tenders.
The court further held that the FG, CBN, and commercial banks must not continue with the deadline pending the determination of a notice on notice in respect of the issue on February 15.
