The supreme court has temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023.
A seven-member panel of the apex court led by John Okoro, made the ruling on Wednesday in an ex parte application brought by three Kaduna, Kogi and Zamfara states.
Worried by the effects of the Central Bank of Nigeria (CBN)’s naira redesign policy is having on the residents of their states, they urge the apex court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023.
The plaintiffs said since the announcement of the policy, there has been an acute shortage in the supply of the new naira notes in Kaduna, Kogi, and Zamfara states, adding that citizens who have dutifully deposited their old currency notes have increasingly found it difficult and sometimes next to impossible to access the new notes for their daily activities.
More details to follow…
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