Supreme Court Suspends Feb 10 Old Naira Notes Deadline

Old Naira Notes Deadline has been suspended by the Supreme Court.

Newsone reports that the Supreme Court of Nigeria has restrained the Federal Government from continuing with the full implementation of the demonetization policy.

This online news platform understands that the judgment on the old Naira notes deadline is coming after three northern states, Kaduna, Kogi and Zamfara, had, in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria’s naira redesign policy.

Giving judgment on the matter, Newsone Nigeria reports that a 7-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc, from implementing the February 10 deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.