BREAKING: Supreme Court temporarily halts ban of old naira notes

Naira redesign: Bank operators counter CBN for alleged hoarding of new notes

The Supreme Court has halted the Central Bank of Nigeria’s plan to phase out the use of old N1000, N500, and N200 notes by February 10, 2023.

The court ordered the Federal Government to halt the full implementation of the demonetization policy.

Three northern states, Kaduna, Kogi, and Zamfara, petitioned the Supreme Court on February 3rd to stop the Central Bank of Nigeria’s naira redesign policy.

In a unanimous ruling, a seven-member Supreme Court panel led by Justice John Okoro granted an interim injunction preventing the FG, CBN, commercial banks, and others from implementing the February 10 deadline for the old 200, 500, and 1000 Naira notes to cease being legal tender.

The court further held that the FG, CBN, and commercial banks must not continue with 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 continue to be legal tenders in Nigeria.

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