JUST IN Naira Redesign: Supreme Court Stops CBN From Ending Use of Old Naira Notes on February 10

The Supreme Court of Nigeria give an Order that Restrained the federal government from Continuing the full implementation of the demonization policy. A 7 member panel led by Justice John Okoro stoped the federal government plan in a ruling in an exparte application brought by three northern states of Kaduna, Zamfara and Kogi.

The February 10 Deadline for the Currency swap which announced by the Central Bank of Nigeria pitted three northern Governors, Governor Yahaya Bello of Kogi, Nasir El-Rufa’i of Kaduna And Bello Matawalle of Zamfara State.

Why Zamfara, Kaduna, Kogi Took CBN To Supreme Court – Layer

Reporter from Channels Tv ask Lawyer about why Zamfar, kogi and Kaduna states Governors took CBN to Supreme court?  The lawyer said it was because they want court to grant them an interim injunction stopping the Federal government of Nigeria and CBN from ending the Validity of Old naira Notes (N 200, N 500 and N 1000).

If you can Remember, The Central Bank of Nigeria (CBN) on October has issued new banknotes in the Nigerian Naira currency. According to (CBN) These new notes will improved security features and are intended to reduce the incidence of counterfeiting.

“Bank Will Accept Old Naira Note After the Deadline” says Godwin Emefiele.

Nigerian Banks will Continue to accept Old Naira Notes After the Deadline for swapping with New Design Naira Notes said Central Bank Of Nigeria (CBN) Governor, Godwin Emefiele.

Emefiele Stated this while appearing before the House Of Representatives Committee about matter of Naira Notes Redesign and some naira Swap Policy on Tuesday 31 jan 2023. The CBN governor Comfirmed that The Old Naira Notes will still be acceptable even after the Deadline that they make.

The Governor Made Reference to the Central Bank of Nigeria Act Mandate the Apex bank to Keep accept the Old Notes after It’s Expiration.

“After The Deadline, the Old Notes can only be Deposited to the Bank, not to be recycled back into Economy” said Bashir Ahmad, Special Assistant on Digital Communications to president Buhari of the Federal Republic of Nigeria.

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