The governments of Kaduna, Kogi, and Zamfara states took the federal government to the Supreme Court on February 3 over the Central Bank of Nigeria’s (CBN) policy to overhaul the naira.
The states have called on the Supreme Court to force President Muhammadu Buhari, the CBN, and commercial banks to cancel the February 10 deadline for old N200, N500, and N1,000 banknotes to remain legal in Nigeria.
Ruling last week on Wednesday, the Supreme Court ordered the federal government to suspend the implementation of the monetary reform policy pending a decision on the merits of the case.
Naija News reported that the Supreme Court, in a unanimous decision, blocked the Federal Government, CBNs, and commercial banks from enforcing a time limit for old 200, 500, and 1000 naira bills to cease to be legally circulated.
The Supreme Court also barred the three defendants from continuing to delay pending a decision on their opinions on the matter.
Naija News reports that the Supreme Court is expected to make a decision on the controversial case today.
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