The Nigerian Supreme Court has stayed the Federal Government's implementation of the February 10 deadline for the old 200, 500, and 1000 naira notes to cease being legal tender.
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 also ruled that the FG, CBN, and commercial banks could not extend the deadline until the issue was resolved in a notice on February 15.
“We invoke the original jurisdiction of the Supreme Court when there is a dispute between the state government and the Federal Government. It is one of the few occasions where the Supreme Court act as the original jurisdiction. So, we invoked the powers of the Supreme Court to hear this application,” the senior advocate said.
“The reason for it is that as well-intentioned as this policy of the Federal Government on this naira redesign, it is causing hardship all over the country. As we can all see, banks are being harassed, and Nigerians are suffering, especially the downtrodden, even in the urban areas they are having difficulty, but it is more excruciating in the rural areas
So therefore the old Naira notes are still legal tender in Nigeria as a result of this ruling.
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