The Supreme Court of Nigeria has prevented the Federal Government from implementing the demonetization scheme in its entirety.
In a motion ex-parte filed on February 3rd, Kaduna, Kogi, and Zamfara asked the supreme court to block the Central Bank of Nigeria’s naira redesign program.
In a unanimous judgement, a seven-member panel of the Supreme Court led by Justice John Okoro restrained the Federal Government, CBN, commercial banks, and others from enforcing the February 10 deadline for the old 200, 500, and 1,000 Naira notes to cease being legal cash.
The court also ruled that the FG, CBN, and commercial banks cannot enforce the deadline until February 15, when a notice on notice on the issue will be decided.
