A temporary ruling by the supreme court has restrained the Federal Government from banning the old Niara note as legal tender.
According to the ruling by a seven-member panel led by Justice Okoro the old Niara notes will be allowed to be in circulation pending the February 15 court hearing of the main suit filed against the Federal Government.
Recall that the Governor of Kaduna, Kogi, and Zanfara State dragged the CBN and the FG to the supreme court, seeking to halt the full implementation of the naira redesign policy that will end the use of the old naira currency note.
After careful consideration of the motion exparte in the application, Justice Okoro granted the prayer.
Justice Okoro held that “An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction”.
He, however, adjourned to February 15, 2023, for a hearing of the main suit.