The Supreme Court has restrained the Federal Government from continuing with the full implementation of policies associated with the redesigning of new Naira notes in the country.

Three Northern states of Kaduna, Kogi and Zamfara, had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria, CBN, naira redesign policy.

A 7-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks, etc from implementing the February 10, deadline for the old N200, N500 and N1, 000 Naira notes to stop being a legal tender.

The court further held that the FG, CBN, commercial banks, etc must not continue with the deadline pending the determination of a motion on notice in respect of the issue on February 15.

Details later…