New Naira: Four Things To Know About Supreme Court Judgement

The Supreme Court on Wednesday suspended the February 10 deadline for the swap of old naira notes with new ones given by the Central Bank of Nigeria.

The CBN had moved the deadline earlier set for the expiration of the legal tender status of the old notes from January 31 to February 10 after the CBN governor, Godwin Emefiele, met with President Muhammadu Buhari.

Below are things to know about the Wednesday Supreme Court ruling over the matter:

  1. It is a temporary halt; a suspension, and not a complete stop.
  2. Governors of Kaduna, Kogi, and Zamfara States sued the Central Bank of Nigeria and the Federal Government at the Supreme Court.
  3. The temporary order was given by Justice Okoro of the Supreme Court.
  4. The next hearing of the case is on February 15.

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