The Nigerian Supreme Court has prevented the Federal Government from carrying out its plan to stop the 200, 500, and 1000 Naira notes from being considered legal tender as of February 10th.
This decision was made after three northern states, Kaduna, Kogi, and Zamfara filed a motion with their lawyer, AbdulHakeem Mustapha, asking the court to halt the Central Bank of Nigeria’s naira redesign policy.
The Supreme Court granted an interim injunction, preventing the Federal Government, the Central Bank of Nigeria, and commercial banks from implementing the February 10th deadline.
The old Naira notes will continue to be legal tender until the matter is further addressed on February 15th. The three state governments approached the Supreme Court because the policy was causing difficulties for Nigerians, particularly those in rural areas.
Mustapha stated that the Supreme Court’s intervention was necessary because of the hardships the policy was causing all over the country, including harassment at banks and difficulties for people, particularly those in rural areas.
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