Supreme Court stops CBN from Ending Use of Old Naira Notes
The Supreme Court gave the order in a suit filed by three APC-controlled states - Kaduna, Kogi and Zamfara.
The Supreme Court Wednesday gave an interim order stopping the central bank from ending the use of old naira notes from 10 February, the News Agency of Nigera (NAN) reports.
The Supreme Court gave the order in a suit filed by three APC-controlled states – Kaduna, Kogi and Zamfara.
The Central Bank of Nigeria (CBN) last October announced that it was redesigning the N200, N500 and N1,000 banknotes.
Godwin Emefiele, the CBN governor, announced 31 January as the deadline for the expiration of the old banknotes.
But due to the public outcry trailing the currency scarcity, Mr Emefiele extended the deadline till 10 February. He added that money deposit banks would continue to receive the old banknotes even after the deadline.
Despite the deadline extension, however, the scarcity of new notes has persisted.
