NIGERIA: Supreme Court temporarily halts banning of old naira notes

By Tribune Online

Barely two days to the deadline for Naira swap by Central Bank of Nigeria (CBN), the Supreme Court on Wednesday temporarily halted 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 in a ruling in an expert application brought by three northern states of Kaduna, Kogi and Zamfara, according to News Agency of Nigeria (NAN) report.

TRIBUNE ONLINE had reported the three states specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 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”.

Delivering ruling in the motion, Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed.

“An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 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.” the court ruled.

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About Joel Cholo Brooks 14045 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.
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