The Supreme Court of Nigeria has prohibited the federal government from proceeding with full enforcement of the demonetization policy.
In response to a motion ex-parte filed by the states of Kaduna, Kogi, and Zamfara on 3rd February, a 7-member panel comprising Justice John Okoro unanimously relieved the FG, CBN, and other commercial banks from enforcing the February 10th cutoff date regarding old 200, 500 and 1000 naira bills being valid legal tender.
Furthermore, the court decreed that no further steps must be taken on this matter until it is discussed in their notice-on-notice session scheduled for 15th February.
As such, these prohibitions guarantee that all old naira notes hold their status as legitimate currency in Nigeria.
Article updated 2 days ago. Content is written and modified by multiple authors.
