Naira Swap: Supreme Court Stops Old Naira Notes Deadline Implementation

Naira Swap: Supreme Court Stops Old Naira Notes Deadline Implementation

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The Supreme Court of Nigeria has restrained the Federal Government from implementing the February 10 Deadline for the old 200, 500 and 1000 naira notes to stop being legal tenders.

Three northern states — Kaduna, Kogi and Zamfara — had in a motion ex-parte filed on February 3rd, by their lawyer, AbdulHakeem Mustapha (SAN), prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.

READ ALSO: Naira Scarcity: Opposition Parties Want Pain Of Nigerians To Continue – FG

A seven-man panel of the Supreme Court led by Justice John Okoro on Wednesday, in a unanimous ruling, granted an interim injunction restraining the FG, 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.

He argued that the policy had led to an “excruciating situation that is almost leading to anarchy in the land”.

After careful consideration of the motion exparte in the application, Justice Okoro granted the prayer.

Ruling on the motion, Justice Okoro held 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 court further held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.

By this ruling, the old Naira notes continue to be legal tenders in Nigeria.


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