The Supreme Court on Wednesday ruled that the old 1000, 500 and 200 naira notes can still be used as legal tender in Nigeria. This is coming after an action was filed against the Federal Government by Kaduna, Kogi and Zamfara states. However, there are uncertainties surrounding the ruling’s validity and impact given that the action was brought invoking the original jurisdiction of the Supreme Court against the Federal Government and not the Central Bank of Nigeria (CBN) which is a corporate body that can sue and be sued in its own name.
The states sought an interim injunction (temporary order) to stop the full implementation of the February 10 deadline given by the CBN as the deadline for the use of the old notes. The interim order was made pending February 15 when the court will hear the substantive suit.
