The Supreme Court Of Nigeria has suspended the Central Bank deadline on old and new Naira swap.
The 10th February, 2023 deadline has been suspended by the Supreme Court in A.G. Kaduna State v. A. G. Federation in an ex parte application by the A.G. Kaduna State. The Motion on Notice is fixed for 15/02/2023.
Justice John Okoro, led a seven man panel that halted the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three states had 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, 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”.
Delivering the ruling, Justice 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, 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”.
