JUST IN: Supreme Court restrains CBN from implementing deadline for old naira notes

The Supreme Court of Nigeria has prohibited the Federal Government from enforcing the February 10 deadline for the demonetization of the old 200, 500, and 1000 naira notes.

In an ex-parte motion filed on February 3rd, three northern states — Kaduna, Kogi, and Zamfara — asked the supreme court to suspend the Central Bank of Nigeria’s (CBN) naira redesign policy.

In a unanimous judgement, a seven-member panel of the Supreme Court led by Justice John Okoro issued an interim injunction preventing the FG, CBN, commercial banks, and others from enforcing the February 10 deadline for the old 200, 500, and 1000 Naira notes to cease being legal cash.

The court also ruled that the FG, CBN, and commercial banks cannot enforce the deadline until February 15, when a notice on notice on the matter would be decided.

By virtue of this decision, the old Naira notes remain legal tender in Nigeria.

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