Supreme Court Stops February 10 Deadline On Use Of Old Naira Notes
The Central Bank of Nigeria (CBN) is not allowed to go ahead with its plan to stop accepting the old N200, N500, and N1000 notes as legal cash because of a restraining order obtained by the Supreme Court of Nigeria.
Supreme Court Stops February 10 Deadline On Use Of Old Naira Notes
This indicates that old naria notes are still usable in Nigeria. Three Northern States, Kaduna, Kogi, and Zamfara, filed a motion ex-parte on February 3rd, in response to which the ruling was made.
The seven-member panel of the Supreme Court, led by Justice John Okoro, ruled unanimously to grant an interim injunction, preventing the Federal Government, CBN, commercial banks, and others from implementing the February 10 deadline for discontinuing the old notes.
The court also ordered that the matter be further determined on February 15 in a notice on notice. This ruling allows the old Naira notes to continue as legal tender in Nigeria.
