The Supreme Court has stopped the Nigerian government from carrying on with the full implementation of the Naira swap policy.
Recall that Kaduna, Kogi and Zamfara states filed an ex-parte filed recently and prayed to the apex court to halt the Central Bank of Nigeria’s naira redesign policy.
In a unanimous ruling, a 7-man panel of the Supreme Court led by Justice John Okoro granted an interim injunction restraining the Federal Government, Central Bank of Nigeria, commercial banks and so on from implementing the February 10 deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
Furthermore, the court held that the Federal government, CBN, and commercial banks must discontinue the deadline pending the determination of a notice on notice in respect of the issue on February 15.
By the ruling, the old Naira notes are still legal tenders in Nigeria.
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