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Naira Swap: Supreme Court Halts February 10 Deadline

The Supreme Court of Nigeria has restrained the federal government from implementing the February 10 deadline for the old 200, 500, and 1000 naira notes to stop being legal tender.

Kaduna, Kogi, and Zamfara States had in a motion ex-parte filed on 3 February prayed the apex court to halt the Central Bank of Nigeria’s naira redesign policy.

And in a unanimous ruling, a seven-man panel of the court led by Justice John Okoro granted an interim injunction suspending the implementation of the deadline, pending the determination of a notice in respect of the issue on 15 February.

Five political parties had earlier secured an order from the FCT High Court barring the federal government and the CBN from any extension of the deadline.


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