The Supreme Court of Nigeria on Wednesday restrained the Federal Government and the Central Bank of Nigeria, CBN, from enforcing the February 10 deadline for the phasing out of N200, N500 and N1000 old Naira notes.
The apex court in the country in a unanimous decision by a seven-member panel halted the implementation of the demonetisation policy of the CBN.
The ruling followed a suit that was filed by three Northern States; Kaduna, Kogi and Zamfara States.
A five-member panel of the court, led by Justice John Okoro held that it was a matter of urgent national importance that the court intervenes and grant the order.
The order, according to Justice Okoro, who read the lead ruling, will subsist pending the hearing and determination of the motion on notice filed by the three states for interlocutory injunctions.
The court adjourned till February 15 for the hearing of the motion on notice and the preliminary objection filed by the defendant – the Attorney General of the Federation, AGF, challenging the court’s jurisdiction over the case.
