BREAKING: Supreme Court Stops CBN’s From Ending Use Of Old Naira Notes

The Supreme Court on Wednesday temporarily halted the move by the Central Bank of Nigeria to stop the use of the old naira notes from February 10, 2023.

A seven-member panel led by Justice John Okoro halted the fiscal monetary measure in a shocking ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

The CBN enjoys fiscal autonomy by Nigerian laws.

Legal scholars would also be sratching their head as to how the ape court assumed jurisdiction in a matter it should not etertain in the first place.

 According to the 1999 Constitution, as amended, the apex court has the right and original jurisdiction to entertain matters between states and the Federal Government.

The naira redesign policy is a policy of the Central Bank of Nigeria (CBN) and it therefore falls outside that regime.

In any case, the court held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.

By this scandalous ruling, the old Naira notes continue to be legal tenders in Nigeria.

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