The Nigerian Supreme Court today ordered the Federal Government to halt the full execution of the demonetization scheme.
Three northern states, Kaduna, Kogi, and Zamfara, petitioned the Supreme Court on February 3rd to stop the Central Bank of Nigeria's naira redesign strategy.
In a unanimous judgement, a seven-member Supreme Court bench led by Justice JOHN OKORO granted an interim injunction preventing the Federal Government, CBN, and commercial banks from implementing the February 10 deadline for the old 200, 500, and 1000 Naira notes to cease being legal cash.
The court further ruled that the FG, CBN, and commercial banks could not extend the deadline until the issue was resolved in a notice on notice hearing on February 15.
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