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Supreme Court Restrains FG from Implementing naira Deadline

today02/08/2023 18

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

In a unanimous ruling, a seven-man panel of the Court led by John Okoro, granted an interim injunction restraining the FG, CBN, commercial banks from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes.

Justice Okoro 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.

Recall that three northern states Kaduna, Kogi and Zamfara had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the CBN naira redesign policy.

Written by: Helen Obih

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