08/02/2023
Publisher: Shina J. O
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Naira Redesign Policy:
The supreme Court of Nigeria has restrained the Central Bank, and Federal government from ending the validity of old N200, N500 and N1000 denominations on February 10, 2023.With this judgment, the Old N200, N500, and N1000 remains legal tender, after February 10, the initial date fixed by the CBN and the federal government for the notes to remain valid.
The Plaintiffs held that the ten-day extension by the Federal Government is insufficient to address the challenges bedeviling the policy.
A seven-man panel lead by Justice John Okoro while granting the interim injunction filed by Kaduna, Zanfara, and Kogi States held that the order stands pending the determine if the substantive suit before the court.
Court however adjourned to February 15, 2023 for hearing .
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