New Naira: World Bank, IMF Warn CBN, Supreme Court Stops Friday Deadline

The Supreme Court on Wednesday restrained the Federal Government from implementing the Friday deadline for the currency swap.

A seven-man panel of the apex court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the Federal Government, the Central Bank of Nigeria and commercial banks from implementing the Friday terminal date for the old naira notes.

Also on Wednesday, the International Monetary Fund and the World Bank urged the CBN to extend the time limit.

The advice of the international organisations was in line with the Supreme Court ruling against the Friday deadline.

The IMF and the World Bank stated that the short timeframe for the currency was causing hardships in the country.

Delivering the ruling in the application filed by the governors of Kaduna, Kogi and Zamfara States, Okoro granted the relief as prayed.

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

 Recall that three northern states had in a motion ex parte filed on February 3, urged the apex court to halt the CBN naira redesign policy.