In a significant legal development, the Supreme Court of Nigeria has issued an interim injunction restraining the Federal Government and the Central Bank of Nigeria (CBN) from enforcing the February 10 deadline for the cessation of the old N200, N500, and N1,000 naira notes as legal tender.

This ruling comes in response to a motion filed by the governments of Kaduna, Kogi, and Zamfara states, which argued that the policy’s implementation timeframe was causing undue hardship for Nigerians.

The three states contended that the scarcity of the new naira notes had led to significant difficulties for their residents, particularly those in rural areas lacking adequate banking infrastructure.

They emphasized that many citizens had been unable to exchange their old currency due to the limited availability of the new notes, resulting in economic strain and social unrest.

In its ruling, the Supreme Court acknowledged these concerns and granted an interim order, halting the enforcement of the February 10 deadline until the substantive hearing scheduled for February 15. This decision effectively allows the old naira notes to remain in circulation alongside the new ones, providing temporary relief to Nigerians grappling with the transition.

The CBN had previously set the February 10 deadline as part of its currency redesign policy aimed at curbing inflation and reducing the prevalence of counterfeit currency. However, the policy has faced criticism due to the challenges associated with the rapid rollout of the new notes and the limited time frame for the public to adapt.