The Federal Government has been forbidden from carrying out the demonetization strategy to the fullest extent by the Nigerian Supreme Court.
In a motion ex-parte submitted on February 3rd, three northern states—Kaduna, Kogi, and Zamfara—had pleaded with the Supreme Court to halt the Central Bank of Nigeria’s naira redesign strategy.
An interim injunction prohibiting the Federal Government, Central Bank of Nigeria, commercial banks, and others from carrying out the February 10 deadline for the old 200, 500, and 1000 Naira notes to cease being legal tender was granted by a 7-member Supreme Court panel led by Justice John Okoro in a unanimous decision.
In addition, the court ruled that the FG, CBN, and commercial banks may not enforce the deadline pending notice the issue on February 15. By the ruling, the old Naira notes continue to be legal tenders in Nigeria.