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Supreme Court halts old naira notes deadline implementation pending suit hearing


February 9, 2023

The SUPREME COURT has restrained the Federal Government and the Central Bank of Nigeria (CBN), from effecting the February 10, deadline to phase out the old N1000, N500 and N200 notes.

The apex court temporarily barred the CBN and the Federal Government from making an order to stop or suspend the Swap of the old naira notes, pending the determination of the suit filed by three Northern States: Kaduna, Kogi and Zamfara. 

By this ruling, the old Naira notes continue to be legal tenders in Nigeria until Feb. 15, when the apex court will hear the main suit.