The Supreme Court has temporarily halted the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.
Governors of Kogi, Zamfara and Kaduna had sued the Federal Government and the Central Bank of Nigeria CBN over the naira swap policy which comes to an end on Friday February 10,2023.
However, ruling in an exparte application brought by the three governors on Wednesday morning, a seven-member panel led by Justice John Okoro, unanimously granted an Interim injunction restraining the Federal Government, the CBN, Commercial banks among others from implementing the February 10 deadline for the old N200, N500 and N1000 pending the determination of a notice in respect of the issue on February 15.
The court further held that
