The Supreme Court of Nigeria has asked the Central Bank of Nigeria (CBN) and the federal government to suspend the February 10, 2023 date for the old notes of N200, 500 and N1000 to lose their legal tender statuses in Nigeria.
The governors of Kaduna, Zamfara and Kogi States had dragged the CBN and the federal government to the Supreme Court, seeking an order to stop the monetary control policy of the apex bank.
A seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by the three governors.
Counsel to the applicants, Mr A. I. Mustapha, SAN, earlier urged the court to grant the application in the interest of justice and the well-being of Nigeria, stating that the policy had led to an excruciating situation that is almost leading to anarchy in the land.
In granting their prayers on Wednesday, the Court asked the defendants to suspend the implementation of the deadline date for the Naira swap policy beyond February 10.
In his ruling, Justice Okoro granted that “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.”