The Central Bank’s February 10 deadline for the exchange of old naira notes for the newly designed 200, 500 and 1000, notes has been knocked off by the Supreme Court in a ruling Wednesday in Abuja. Kaduna, Kogi and Zamfara States had brought an ex parte application challenging the CBN and Federal government’s quest to force Nigerians to embrace the new naira notes within a short period of time. Counsel to the States, A. I. Mustapha, SAN, prayed the court to grant the application in the interest of justice and Nigerians. The seven-member Supreme Court panel headed by Justice John Okor o, there after ruled that: “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 case was adjourned to February 15, 2023, for a hearing of the main suit. The Federal government and the CBN at time of this report have not reacted to the Supreme Court ruling.
