Supreme Court suspends CBN deadline on naira notes swap

The Supreme Court has suspended the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.

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.”

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.