Nigeria’s top court adjourned a hearing on the use of old naira banknotes after more states joined a lawsuit challenging a central bank decision to outlaw them.
(Bloomberg) — Nigeria’s top court adjourned a hearing on the use of old naira banknotes after more states joined a lawsuit challenging a central bank decision to outlaw them.
The case will resume on Feb. 22, Kogi Governor Yahaya Bello told reporters outside the court Wednesday in the capital, Abuja.
The Supreme Court last week barred the central bank from halting the use of 200- 500- and 1,000 notes pending the hearing of a lawsuit brought by three state governors challenging the policy. The original lawsuit brought by Kaduna, Kogi and Zamfara states was joined by at least two other states on Wednesday. It’s unclear whether the court’s injunction remains in place, though Bello said it does.
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The central bank announced in October that it’s redesigning its highest-value banknotes in a bid to mop up excess cash and rein in inflation. The demonetization policy has divided the ruling All Progressives Congress, with its presidential candidate, Bola Ahmed Tinubu, arguing that the policy may undermine the party’s chances in elections later this month.
Nigeria is scheduled to hold presidential elections on Feb. 25.
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