The Supreme Court of Nigeria has restrained the Central Bank and the Federal Government from ending the validity of the old N200, N500 and N1000 denominations on February 10, 2023.
With this judgment, the Old N200, N500, and N1000 remain legal tenders after February 10, the initial date fixed by the CBN and the Federal Government for the notes to remain valid.
The plaintiffs held that the ten-day extension by the Federal Government is insufficient to address the challenges bedeviling the policy.
Also Read: Three Northern States sue FG over naira scarcity
A seven-man panel led by Justice John Okoro, while granting the interim injunction filed by Kaduna, Zanfara and Kogi States, held that the order stands, pending the determination of the substantive suit before the court.
The court, however, adjourned to February 15, 2023, for a hearing.
(Editor: Ifeanyi Mark)
