Old Naira Ban Put on Hold: Supreme Court Grants Injunction

In a major development, the Supreme Court of Nigeria has issued an interim injunction to halt the Federal Government’s plan to discontinue the use of old Naira notes. The move comes after three state governors, Zamfara, Kaduna, and Kogi, filed an exparte request in the Supreme Court, seeking to prevent the FG from proceeding with its plan to ban the old Naira notes.

The Supreme Court granted the interim injunction and has adjourned the case until February 15, 2023, when it will hear further arguments from both sides. The FG has not yet made any official statement regarding the Supreme Court’s decision, but it is widely expected to challenge the order.

READ ALSO: Finance Minister Addresses Naira Note Shortage, Promises Better Days Ahead

The ban on old Naira notes, which was set to take effect on February 10, 2023, has created widespread uncertainty among the public and businesses in Nigeria. The move was aimed at reducing corruption, counterfeiting, and money laundering, but it has also raised concerns about the country’s financial stability and the impact on the economy.

Stay tuned for further updates on this developing story.

#NigeriaSupremeCourt #OldNairaBan #FGBan #FinancialStability

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