Nigeria’s supreme court has on Wednesday restrained the federal government from banning the use of the old naira notes from February 10, 2023, TheCable reports.
The apex court in a seven-member panel led by John Okoro, issued the ruling in an ex parte application brought by three states of Kaduna, Kogi and Zamfara.
WikkiTimes recalled that the Central Bank of Nigeria (CBN) last October announced that it was redesigning the N200, N500 and N1,000 banknotes.
The CBN governor, Godwin Emefiele, announced 31 January as the deadline for the expiration of the old banknotes.
But due to the public outcry trailing the currency scarcity, Mr Emefiele extended the deadline till 10 February. He added that money deposit banks would continue to receive the old banknotes even after the deadline.
Despite the deadline extension, however, the scarcity of new notes has persisted.
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The three states had applied for 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 interlocutory injunction”.
Okoro granted the application, saying, “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 interlocutory injunction.”
The judge adjourned the hearing to 15 February.
