The Supreme Court of Nigeria has temporarily halted the move by the Federal government to ban the use of the old N200, N500 and N1000 notes as legal tenders from February 10. The Supreme court gave the order while delivering judgment in the exparte application filed before it by the Kaduna, Zamfara, and Kogi state governments against plans by the FG to stop the use of the old Naira notes. The three states had applied for an order of interim injunction restraining the FG through the Central Bank of Nigeria or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame in which the older versions of the N200, N500 and N1000 notes may no longer be legal tenders Moving the application today, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria. Mustapha argued that the policy of the government had led to an “excruciating situation that is almo...
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