The Supreme Court of Nigeria has restrained the Central Bank of Nigeria and the Federal Government from banning the use of the old naira notes from February 10, 2023.
The court gave the order on Wednesday while Ruling on an ex-parte application brought by Kaduna, Kogi and Zamfara states.
The jurist had earlier reported that the three northern states had approached the apex court seeking a restraining order to discontinue the full implementation of the Central Bank of Nigeria’s (CBN) Naira redesign policy.
They submitted that citizens have found it difficult and sometimes impossible to access the new notes for their daily activities.
Ruling on the matter, a seven-member supreme court panel led by Justice John Okoro ordered that the federal government’s move be halted.
The court granted the ex-parte motion sought by the three states after considering the motion.
Justice Okoro said, “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 an interlocutory injunction”.
The judge subsequently adjourned till February 15 for a hearing of the main suit.
