ADVERTISEMENT

Supreme Court suspends CBN deadline on naira notes swap

A seven-member panel led by Justice John Okoro, halted the move on Wednesday, February 8, 2022

 Supreme Court suspends CBN deadline on naira notes swap. (Channels TV)

A seven-member panel led by Justice John Okoro, halted the move on Wednesday, February 8, 2022.

Three state governments had dragged the Federal Government to Supreme Court over the scarcity of old and new naira notes due to the (CBN) naira redesign policy.

Delivering the ruling in the application filed by the three state governments, the judge said, “An order of interim injunction restraining the Federal Government through the Central Bank of Nigeria or the commercial banks from suspending or determining or ending on February 10, 2023, 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.”

ADVERTISEMENT

Counsel to the applicants, Mr Abdul-Hakeem Mustapha, SAN, argued that the CBN policy had led to an “excruciating situation that is almost leading to anarchy in the land.”

He urged the court to grant the application in the interest of justice and the welfare of Nigerians.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Fresh crisis rocks Cross River as lawmakers impeach speaker

Fresh crisis rocks Cross River as lawmakers impeach speaker

There's no celebration planned for Tinubu's 1-year anniversary - Idris

There's no celebration planned for Tinubu's 1-year anniversary - Idris

Police detain VeryDarkMan again over alleged comments against senior officers

Police detain VeryDarkMan again over alleged comments against senior officers

Female prison admissions rise by 4.82% in Nigeria

Female prison admissions rise by 4.82% in Nigeria

Nigeria ranked 2nd least indebted country in Africa

Nigeria ranked 2nd least indebted country in Africa

High salt intake causes 17.9 million deaths from heart attack and stroke

High salt intake causes 17.9 million deaths from heart attack and stroke

Mali, Burkina Faso, Niger will reverse decision on ECOWAS exit - Ndume

Mali, Burkina Faso, Niger will reverse decision on ECOWAS exit - Ndume

Abigail Katung makes history as Leeds' first African descent Lord Mayor

Abigail Katung makes history as Leeds' first African descent Lord Mayor

Bandits kill 9 persons, destroy 6 houses in Plateau's Wase LGA

Bandits kill 9 persons, destroy 6 houses in Plateau's Wase LGA

Pulse Sports

Tobi Amusan second, Brume Ese picks Olympics ticket, and other Nigerians excel at Atlanta City Games

Tobi Amusan second, Brume Ese picks Olympics ticket, and other Nigerians excel at Atlanta City Games

Caicedo, Kudus or Garnacho: Who should win EPL goal of the season?

Caicedo, Kudus or Garnacho: Who should win EPL goal of the season?

'I want to be beautiful' - Sha’Carri Richardson on why she keeps long nails

Osimhen: PSG set for life after Mbappe with 200 BILLION NAIRA move for Super Eagles star

Osimhen: PSG set for life after Mbappe with 200 BILLION NAIRA move for Super Eagles star

ADVERTISEMENT
ADVERTISEMENT