Supreme Court Stops Deadline On Old N200, N500 And 1,000 Notes
The Supreme Court has stopped Federal Government and the Central Bank of Nigeria (CBN) from ending the validity of the old N200, N500 and N1,000 on the February 10 deadline.
The order which is temporary, would subsists till February 15.
A seven member of the apex court’s panel gave the directive, while ruling in an application filed by Zamfara, kaduna and kogi state governments against the February 10 deadline on the Naira notes swap.
Lawyers of the governors argued that the government’s policy had led to an “excruciating situation that is almost leading to anarchy in the land”.
Banks have not been releasing enough of the new Naira notes, leading to desperate and chaotic scenes as people tried to get their hands on them.
Justice John Okoro, who reads the unanimous ruling of the panel, said the order would remain until the motion for an interlocutory injunction was determined.
According to Justice Okoro, the motion on notice would be decided by the apex court on February 15.
The supreme court decision comes, after 14 political parties obtained an order of an Abuja High Court stopping federal government and CBN from extending the validity of the old N200, N500 and N1,000 notes beyond the February 15 deadline.