The Supreme Court has temporarily stopped the Central Bank of Nigeria from withdrawing old naira notes from February 10.
The judgment is coming barely two days before the deadline for the Naira swap by the CBN.
According to the reports, a seven-member panel led by Justice John Okoro halted the move in a ruling in an exparte application brought by three northern states of Kaduna, Kogi, and Zamfara.
The three states specifically applied for 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 Feb. 10, 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 an interlocutory injunction”.
“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, 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.” the court ruled.
He accordingly adjourned until February 15, for a hearing of the main suit.
