The Supreme Court of Nigeria has today restrained the Federal Government from continuing with the full implementation of the demonetization policy.
Three northern states, Kaduna, Kogi and Zamfara, had, in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria’s naira redesign policy.
A 7-man panel of the Supreme Court led by Justice JOHN OKORO, in a unanimous ruling, granted an interim injunction restraining the Federal Government, C-B-N, commercial banks from implementing the February 10 deadline for the old 200-, 500- and 1000-Naira notes to stop being a legal tender.
The court further held that the FG, CBN, and commercial banks must not continue with the deadline pending the determination of a notice on notice in respect of the issue on February 15.