Supreme Court Halts CBN’s Feb 10 Cash Swap Deadline

Paschal Emeka, Abuja | February 8, 2023

The Supreme Court of Nigeria has restrained the Federal Government from going ahead with the full implementation of the demonetization policy.

Recall that three Northern states, namely, Kaduna, Kogi, and Zamfara, had, in a motion ex-parte filed on February 3rd, prayed to the apex court to restrain the Central Bank of Nigeria’s 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, and commercial banks, among others, 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 FG, 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 the ruling, the old Naira notes continue to be legal tenders in Nigeria.

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