The Supreme Court of Nigeria has banned the federal government and the Central Bank of Nigeria (CBN) from enforcing deadlines on old naira notes.
The judgement was delivered on Wednesday, February 8, based on the exparte application filed by the Kaduna, Zamfara, and Kogi state governments against plans by the FG to stop using the old Naira notes.
The three states, through their legal representative, A. I. Mustapha, SAN, had applied for an order of interim injunction restraining the FG through the CBN or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame in which the older versions of the N200, N500 and N1000 notes may no longer be legal tenders.
Delivering a ruling in the motion, the seven-man panel led by Justice John Okoro held that after careful consideration of the motion exparte this application is granted as prayed.
The panel accordingly adjourned to February 15, 2023, for a further hearing.
