The Supreme Court of Nigeria has restrained the Federal Government from implementing the February 10 Deadline for the use of the old 200, 500 and 1000 naira notes as legal tenders.
A seven-member panel led by Justice John Okoro halted the move in a ruling on an ex-parte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three states had specifically applied for 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 interlocutory injunction”.
Delivering ruling in the motion, Justice Okoro granted the interim injunction restraining the Federal Government, the Central Bank of Nigeria (CBN) and commercial banks from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
He accordingly adjourned to February 15, 2023, for hearing of the main suit.
The CBN had on October 26, 2022, announced the redesign of the 200, 500 and 1000 banknotes and fixed a January 31 deadline for the validity of the old notes. The apex further shifted the deadline to February 10 following public outcry due to scarcity of the new naira notes.
