Home Business Banking & Finance New Naira notes: Supreme Court suspends enforcement of 10 February deadline

New Naira notes: Supreme Court suspends enforcement of 10 February deadline

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The Supreme Court has restrained the Federal Government from implementing the 10 February deadline of the old N200, N500 and N1,000 notes to stop being legal tender.

Three states — Kaduna, Kogi and Zamfara — had in a motion ex-parte filed on 3 February, prayed the apex court to halt the Central Bank of Nigeria (CBN) Naira redesign policy.

In a unanimous ruling, a seven-man panel of the Supreme Court, led by Justice John Okoro, granted an interim injunction restraining the Federal Government, the CBN, commercial banks and others from implementing the 10 February deadline for the old N200, N500 and N1,000 notes to stop being a legal tender.

The court further held that the Federal Government, the CBN and commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on 15 February.

By this ruling, the old Naira notes continue to be legal tenders in Nigeria.

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