Supreme Court halts CBN’s old naira notes ban
Following the nationwide crisis engendered by the naira redesign policy, the Supreme Court of Nigeria has issued a restraining order on the Federal Government and the Central Bank of Nigeria (CBN) from continuing with the full implementation of the demonitization policy.
The apex court on Wednesday temporarily halted the move by the Federal Government to ban the use of the old naira notes from February 10.
It would be recalled that Kaduna, Kogi and Zamfara States had, in a motion ex-parte, filed on February 3rd, prayed the apex court to halt the 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 Federal Government, CBN, commercial banks etc from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
The court further held that the FG, CBN, commercial banks etc must not continue with the deadline pending the determination of a notice on notice in respect of the issue on February 15.
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