Breaking: Supreme Court stops CBN’s old naira deadline
A seven-member panel led by Justice John Okoro of the Supreme Court has stopped the Central Bank of Nigeria from setting February 10th as deadline for use of old naira notes. This followed a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
Delivering ruling in the motion, Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed.
“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 Feb. 10,, 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 matter was also accordingly adjourned until Feb. 15, for hearing of the main suit.