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New naira notes
The Supreme Court of Nigeria has restrained the Federal Government from implementing the February 10 Deadline for the old naira notes of 200, 500 and 1000 naira. This means that Nigerians can still use the affected naira note after the February 10 deadline.
Three northern states — Kaduna, Kogi and Zamfara — had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.
A seven-man panel of the Supreme Court led by Justice John Okoro, 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.
The court further held that the Federal government, CBN and commercial banks must not continue with the deadline pending the determination of a notice on notice in respect of the issue on February 15.
By this ruling, the old Naira notes continue to be legal tenders in Nigeria.
Five political parties and three state governments begun approached the courts.
Whilst the Kaduna, Kogi and Zamfara governments dragged the Federal government before the Supreme Court, seeking an extension to the February 10 deadline, five political parties took the matter to the Federal Capital Territory (FCT) High Court and secured an order barring the Federal Government and the apex bank from any extension of the deadline.
