Old Naira Still Legal Tender as Supreme Court Adjourns Till February 22
The hearing in the lawsuit made against the Central Bank of Nigeria (CBN) on the naira redesign policy has been postponed by Nigeria’s highest court.
The old Naira will continue to be legal tender until February 22 thanks to the one-week extension.
The Federal Government is prohibited from carrying out the CBN’s February 10 deadline for exchanging the old for new naira notes by the court’s ruling on an exparte application last Wednesday.
Some attorneys have claimed that the order could not have expired because the motion on notice that it was based upon has not been heard, despite the court being silent on the order this Wednesday. They contend that the order continues as a result.
The Attorneys General of the States of Katsina, Lagos, Ondo, Ogun, Ekiti, and Sokoto were also added as co-plaintiffs by the court.
As co-respondents, the attorneys general of the states of Edo and Bayelsa were added.
The original plaintiffs and the respondent, the Attorney General of the Federation, were directed by the court to update the previously filed documents to reflect the new parties.
The lawsuit has now been postponed until February 22nd so that it can be continued.
