Supreme Court stops February 10 deadline on use of old Naira notes

The Supreme Court of Nigeria has issued a restraining order preventing the Central Bank of Nigeria (CBN) from implementing its deadline for discontinuing the old N200, N500 and N1000 notes as legal tender.

This means that old naria notes remain valid for use in Nigeria. The order was issued in response to a motion ex-parte filed by three Northern States, Kaduna, Kogi, and Zamfara, on February 3rd.

The seven-member panel of the Supreme Court, led by Justice John Okoro, ruled unanimously to grant an interim injunction, preventing the Federal Government, CBN, commercial banks, and others from implementing the February 10 deadline for discontinuing the old notes.

The court also ordered that the matter be further determined on February 15 in a notice on notice. This ruling allows the old Naira notes to continue as legal tender in Nigeria.