Breaking News, Supreme Court Stops CBN February 10th Deadline For The Use Of Old Naira Notes

The Supreme Court on Wednesday 8th, February 2023, temporarily stopped the withdrawal of old Naira Notes.

The Central Bank of Nigeria had announced a February 10 deadline for the change from the old to new Naira notes.

Its Governor, Godwin Emefiele, made the announcement.

This is sequel to a suit instituted by three APC Governors of Kaduna, Kogi and Zamfara.

The Supreme Court has issued an order of interim injunction restraining the Federal Government and the Central Bank of Nigeria (CBN) from enforcing the February 10 deadline for the phasing out of the old naira notes.

A five-member panel of the court, led by Justice John Okoro hd that it was a matter of urgent national importance that the court intervenes and grant the order.

The ruling was on an ex-parte motion filed by the governments of Kaduna, Kogi and Zamfara states

The order, according to Justice Okoro, who read the lead ruling, is to subsist pending the hearing and determination of the motion on notice filed by the state for interlocutory injunctions.

The court adjourned till February 15 for the hearing of the motion on notice and the preliminary objection filed by the defendant – the Attorney General of the Federation (AGF), challenging the court’s jurisdiction over the case.