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Breaking! Supreme court orders FG, CBN to suspend February 10 deadline for Naira swap.

Breaking! Supreme court orders FG, CBN to suspend February 10 deadline for Naira swap.

 

 

Following the suit filed by Kaduna, Kogi and Zamfara states against the Federal Government on the implementation of the redesigned naira notes, the Supreme Court on Wednesday, ordered that the deadline of February, 10, 2022 be suspended.

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The plaintiffs expressed worries over the effects of the Naira redesign policy on residents of the states

They therefore prayed the supreme court’s restaurants to compel the federal government and Central Bank of Nigeria from implementing the policy.

The states filed an ex-parte motion through their lawyer, AbdulHakeem Uthman Mustapha (SAN), and are urging the Supreme Court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023.

The Supreme Court issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes on the Friday February 10, 2023 deadlin

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