THE Supreme Court has halted move by the Central Bank of Nigeria to stop the use of old N1000, N500 and N200, by February 10, 2023.
The court restrained the Federal Government from continuing with the full implementation of the demonetization policy.
Three northern states, 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’s 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 200, 500 and 1000 Naira notes to stop being a legal tender.
The court further held that the FG, CBN, and commercial banks must not continue with the deadline pending the determination of a notice on notice in respect of the issue on February 15.
By the ruling, the old Naira notes continue to be legal tenders in Nigeria.
THE Osun Amotekun Corps has arrested five suspects over alleged theft, conspiracy, shop burglary and…
THE Nigerian National Petroleum Company Limited, NNPCL, has increased its premium motor spirit, PMS, pump…
Five suspected members of a criminal gang allegedly involved in the abduction of 20 prospective…
President Bola Tinubu has approved lifetime salaries for retired Comptrollers-General and Deputy Comptrollers-General of the…
THE Independent National Electoral Commission (INEC) has assured Nigerians that critical electoral decisions, including voter…
Political economist and former presidential candidate, Prof. Pat Utomi, has criticised President Bola Tinubu over…