The implication of this ruling is that the old N200, N500 and N1000 notes remain valid after the February 10 deadline given by the CBN.

The Federal Government has been restrained by the Nigerian Supreme Court from carrying out the deadline of February 10 for the old 200, 500, and 1000 naira notes to cease being legal cash.

Three northern states — Kaduna, Kogi and Zamfara — had in a motion filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria (CBN) naira redesign policy.

An interim injunction prohibiting the Federal Government, Central Bank of Nigeria, commercial banks etc from enforcing the February 10 deadline for the old 200, 500, and 1000 Naira notes to cease being legal tender was granted by a seven-member Supreme Court panel led by Justice John Okoro in a unanimous decision.

The court further ruled that the FG, CBN, and commercial banks must not enforce the deadline until February 15 when a notice on the matter would be decided.

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

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