The Supreme Court of Nigeria has restrained the Federal Government from continuing with the full implementation of the demonetization 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.
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.
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
Meanwhile Coalition of civil society Organisations on Wednesday february 8 said supreme court of Nigeria does not have the jurisdiction to stop the Federal Government, Central Bank of Nigeria And Commercial Banks from implementing the February 10 deadline .
