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The Supreme Court of Nigeria has today restrained the Federal Government from continuing with the full implementation of the demonetization policy.
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.
A 7-man panel of the Supreme Court led by Justice JOHN OKORO, in a unanimous ruling, granted an interim injunction restraining the Federal Government, C-B-N, commercial banks from implementing the February 10 deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.
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.
In his reaction, the All Progressives Congress Presidential Candidate, Bola Ahmed Tinubu has hailed the Governors of the 36 states for standing on the side of the Nigerian people over the Central Bank’s new Naira and cashless policies.
While rejoicing over the development,Tinubu in a statement by Bayo Onanuga, Director, Media & Publicity, APC Presidential Campaign Council, said the governors especially the APC Governors who instituted the suit against the CBN and Federal Government at the Supreme Court acted well on behalf of the hapless Nigerians.
The Supreme Court on Wednesday morning in a lawsuit brought before it by the governments of Zamfara, Kogi, and Kaduna States gave an interim injunction against the CBN and Federal Government, allowing the old N200, N500, and N1000 to remain legal tender beyond February 10 deadline until the case is fully disposed of.
