Breaking: Supreme Court Halts CBN’s Deadline On Naira Swap

The Supreme Court has temporarily halted the February 10 deadline given by the Central Bank of Nigeria for the use of old naira notes.

The apex court gave the order on Wednesday in an exparte motion filed by three state governors.

The governments of Kaduna, Kogi, and Zamfara States had asked the Supreme Court to restrain the Central Bank of Nigeria from implementing its naira redesign policy which fixed February 10 as the deadline for the use of old notes.

The suit was instituted by way of motion ex-parte by the Attorneys-General of the states.

The Attorney-General of the federation who is the chief law officer of the nation, is the sole respondent in the case

The states argued that the deadline given by the CBN that the old N200, N500, and N1000 notes would cease to be legal tender is against the well-being of ordinary Nigerians.

They contended that the policy is frustrating because many residents are finding it hard to get new notes.

The apex court looked into the merit of the motion and temporarily halted the deadline while allowing parties to argue on the main application.

The verdict of the main application will now determine whether the apex court’s temporary order will be made permanent or not.