Supreme Court suspends CBN cut-off date on old, new naira notes swap.

 High Court over shortage of naira notes Kaduna, Zamfara and Kogi State filed a lawsuit against the federal government in the Supreme Court on Monday for shortages of old and new naira notes due to CBN Naira's redesign policies. State governments said they were concerned about the impact the CBN naira cleanup policy was having on residents of their states. Accordingly, they are seeking an injunction from the Supreme Court to compel the government and CBN to implement Rule

The states filed an ex-parte movement thru their lawyer, AbdulHakeem Uthman Mustapha (SAN), and are urging the Supreme Court to furnish them an period in-between injunction preventing the Federal Government both with the aid of using itself or performing thru the CBN, the economic banks or its dealers from wearing out its plan of finishing the time frame inside which the now older variations of the 200, 500 and one thousand denominations of the Naira may also now not be felony soft on February 10, 2023. “Unless this Honourable Court intervenes, the Government and those of Kaduna, Kogi and Zamfara State will keep to undergo plenty of hassle and might in the long run go through exceptional loss due to the inadequate and unreasonable time inside which the Federal Government is embarking on the continued forex redecorate policy,” Mustapha stated. The states stated there was a scarcity withinside the deliver of the brand new naira notes in Kaduna, Kogi and Zamfara States and that residents who've dutifully deposited their antique naira notes have an increasing number of discovered it hard and now and again subsequent to not possible to get entry to new naira notes to head approximately their day by day activitie.

The states stated the CBN coverage is implementing loads of worry on Nigerians and insisted that the ten-day extension via way of means of the Federal Government continues to be inadequate to cope with the demanding situations of Nigerians swapping their antique Naira notes for brand new ones. The case has been adjourned to Wednesday, February 15, 2023.