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Supreme Court Adjourns naira redesign policy for February 22

Rate Captain by Rate Captain
February 16, 2023
in Banking
Reading Time: 1 min read
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Confusion deepens as the uncertainty of the old naira deadline persists.
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The supreme court of Nigeria has adjourned the redesign policy case till February 22.

The court adjourned after nine other states sought to be joined in the suit.

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Recall that the Jurist had reported that the apex court restrained the Central Bank of Nigeria and the Federal Government from banning the old naira notes from February 10, 2023.

The court gave the order while Ruling on an ex-parte application brought by Kaduna, Kogi and Zamfara states.

The three northern states had approached the apex court seeking a restraining order to discontinue the full implementation of the Central Bank of Nigeria’s (CBN) Naira redesign policy.

They submitted that citizens have found it difficult and sometimes impossible to access the new notes for their daily activities.

Latest development

On Wednesday’s proceeding, nine states were joined as parties in the suit filed challenging the naira swap deadline.

A nine-member panel of justices led

Justice John Okoro-led nine-member panel joined the Attorneys General of Katsina, Cross River, Lagos, Ondo, Ogun, Ekiti and Sokoto States as co-plaintiffs.

While the Attorneys General of Edo and Bayelsa states were joined as co-respondents.

After the joinder, the court ordered the original plaintiffs and the respondents to amend the processes already filed to reflect the new parties. The panel then adjourned until Wednesday next week to continue the hearing.

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