Supreme Court has temporarily suspended the CBN’s new currency policy and extended the
deadline for the currency swap beyond February 10, 2023.
The court ruling which was delivered today was a result of a suit instituted by the Kaduna,
Zamfara and Kogi State governments against the Federal Government and the CBN.
The News Chronicle understands that the three states had filed an ex-parte motion through
their lawyer, Abdul Hakeem Mustapha (SAN).
The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.
A seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The court adjourned till February 15 for the hearing of the main suit.
