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Breaking: Supreme Court temporarily halts the banning of old Naira notes

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The now is that the Supreme Court of Nigeria has restrained the Federal Government from implementing the February 10 Deadline of the old 200, 500 and 1000 naira notes to stop being legal tender.

Recall that Ejes Gist News had earlier reported that the governments of Kaduna, Kogi, and Zamfara had dragged the Federal government before the Supreme Court to obtain a restraining order to prevent the full implementation of the CBN’s naira redesign policy.

The three northern states governors seeked the supreme court to grant them an interim injunction to prevent the Federal Government from carrying out its plan to end the timeframe within which the now-outdated 200, 500, and 1000 Naira denominations may no longer be legal tender on February 10 in a motion ex-parte filed on their behalf by their attorney, Abdul Hakeem Uthman Mustapha (SAN).

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A seven-man panel of the Supreme Court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN, commercial banks etc from implementing the February 10, deadline for the old 200, 500 and 1000 Naira notes to stop being a legal tender.

 

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The court further held that the FG, CBN, commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on February 15.

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By this ruling, the old Naira notes continue to be legal tenders in Nigeria.

In another news ,  the APC Governors have called for the postponement of general elections.

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The ruling All Progressives (APC) is pushing for the postponement of the 2023 general elections by a minimum of four weeks.

The move is being led by Kaduna State Governor Nasir El-Rufai, according to reliable sources in the party, who spoke to our correspondent.

In his ruling this morning, the Supreme Court temporarily granted their requests.

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