The use of old Naira notes is postponed until February 10 by the Supreme Court

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A restraining order obtained by the Supreme Court of Nigeria prevents the Central Bank of Nigeria (CBN) from carrying out its plan to cease accepting the previous N200, N500, and N1000 notes as legal cash.

This suggests that Nigeria still accepts old naira notes. On February 3, three Northern States—Kaduna, Kogi, and Zamfara—submitted a motion ex parte, which led to the decision.

The Supreme Court’s seven-member panel, led by Justice John Okoro, unanimously granted an interim injunction to prevent the Federal Government, Central Bank of Nigeria (CBN), commercial banks, and others from enforcing the February 10 deadline for the end of the old notes.

In a notice on notice, the court also directed that the matter be further determined on February 15. The old Naira notes can continue to be used as legal tender in Nigeria thanks to this decision.

 

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