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Naira Redesign: Supreme Court to Hear Matter Today

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The Supreme Court will on Wednesday (today) hear the case brought by states against the federal government’s naira redesign policy.

Three states – Zamfara, Kaduna, and Kogi – got the court to issue an injunction on 8 February suspending the policy.

The court ruled that the 10 February deadline for the phasing out of the old N200, N500, and N1,000 notes be suspended pending the hearing of the suit today.

Ekiti State announced on 12 February that it was joining the three states in the suit, with more states planning to also join.

But the Central Bank of Nigeria has ruled out further extension of the deadline.

“No doubt there are pockets of pressure in some areas. The CBN is working hard to shift pressure, and resources to those areas in order to ease the tension.

The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.

There is, therefore, no need to consider any shift from the deadline of February 10, the apex bank’s governor, Godwin Emefiele, told the diplomatic community at a meeting in Abuja on Tuesday.


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