The Central Bank of Nigeria (CBN) and Federal Government are prohibited by an order from ending the legal tender status of the old N200, N500, and N1000 banknotes on February 10, 2023, by the Supreme Court of Nigeria.
The order was issued by the supreme court in response to a lawsuit brought by the governments of Kaduna, Zamfara, and Kogi States, which had petitioned the court to challenge the Naira swap policy.
READ ALSO: Naira Redesign: Ganduje Claims Anti-Democratic Elements Are Preparing To Reenact June 12 Saga
An interim injunction prohibiting the Federal Government, Central Bank of Nigeria, commercial banks, and other parties from enforcing the February 10 deadline for the old 200, 500, and 1000 Naira notes to cease being legal tender was granted by a seven-member Supreme Court panel led by Justice John Okoro in a unanimous decision.
The court further ruled that the FG, CBN, and commercial banks could not enforce the deadline until February 15 when a notice about the matter would be decided.
This decision maintains the legal tender status of the old Naira notes in Nigeria.
Following the decision, Mustapha, the solicitor for the three state governments, claimed that Zamfara, Kogi, and Kaduna had taken the Federal Government and the apex bank to the highest court because the policy was having a negative impact on Nigerians, particularly those who lived in the country.
