Breaking: Supreme Court Extends Deadline for Old Notes

By Bukola Hameed

The supreme court has temporarily halted the federal government and the Central Bank of Nigeria (CBN)’s efforts to discontinue the use of old ₦200, ₦500 and ₦1,000 by Friday, February 10, 2023, fij reports.

Leading a seven-member panel, Justice John Okoro granted an exparte application brought to the court by governors of Kaduna, Kogi and Zamfara states.

A. I. Mustapha (SAN), counsel to the applicants, on Wednesday, prayed the court to grant the application in the interest of Nigerians.

He said the policy led to an “excruciating situation that is almost leading to anarchy in the land”.

The three states had 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”.

Okoro granted the application, saying, “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.”

He adjourned hearing until February 15, 2023.