Old Naira notes will remain legal tender after Federal Government’s February 10 deadline as the Supreme Court today restrained the Federal Government from implementing the 10 February deadline of the old N200, N500 and N1,000 notes.

Three northern states – Kaduna, Kogi and Zamfara – , all under All Progressives Congress (APC) Government, had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the old Naira notes swap deadline  of the Central Bank of Nigeria (CBN) Naira redesign policy.

An unanimous ruling of a seven-man panel of the Supreme Court, led by Justice John Okoro, granted an interim injunction restraining the Federal Government, the CBN, commercial banks and others from implementing the 10 February deadline for the old N200, N500 and N1,000 notes swap.

The court further held that the Federal Government, the CBN and commercial banks must not continue with the deadline pending the determination of a notice on notice in respect of the issue on 15 February.

By this ruling, the old Naira notes continue to be legal tenders pending the determination of the substantive suit.