The Supreme Court has barred the Federal Government and the Central Bank of Nigeria (CBN), from effecting the February 10, deadline to face out the old N1000, N500 and N200 notes.
Delivering a ruling on Wednesday, in a suit filed by three Northern States, the apex court, in a ruling of a seven-member panel led by Justice John Okoro, bared the CBN and the Federal Government from making an order to stop or suspend the Swap of the old naira notes, pending the determination of the suit.
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The ruling followed a motion ex parte filed by the Kaduna State Government along with Kogi and Zamfara State, by their lawyer, AbdulHakeem Uthman Mustapha (SAN).
The three States had urged the apex court to grant them an interim injunction against the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan to face out the old N200, N500, and N1000.
Delivering the ruling in the motion, Okoro held that after careful consideration of the motion ex parte, 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 Feb. 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.”
He accordingly adjourned until Feb. 15, for hearing of the main suit.