CBN Naira Redesign: Supreme Court Rules on Withdrawal of Old Notes
- Until further notice, old 200, 500, and 1000 naira notes will still be legal tenders throughout Nigeria
- This is as the Supreme Court on Wednesday, February 8, stopped the withdrawal of the old notes by the CBN
- The temporary halt of the withdrawal was a decision reached by a seven-man panel of the apex court led by Justice John Okoro
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Supreme Court, Abuja - With just two days to the deadline for the Naira swap by the Central Bank of Nigeria (CBN), the Supreme Court on Wednesday, February 8, temporarily stopped the withdrawal of old notes.
This decision by the apex court was reached and read by a seven-man panel led by Justice John Okoro.
In a unanimous ruling, the panel granted an interim injunction restraining the federal government, CBN, commercial banks, and other financial institutions from implementing the February 10 deadline for the old 200, 500, and 1000 Naira notes to stop being a legal tender, Channels TV reports.
The ruling invariably means that old naira notes will continue to be used in the system with their full purchasing power.
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Before the judgment was delivered, the panel had announced that the court will resume shortly to render its decision on a motion ex-parte for interim injunction filed by the three states and argued on the morning of Wednesday by their lawyer, Abdulhakeem Mustapha (SAN).
Mustapha said the motion was in the interest of the country and to prevent impending anarchy for the court to grant the order sought, The Nation added.