BREAKING: Supreme Court Stops FG’s Banning Of Old Naira Notes
By EDITOR
The Supreme Court has on Wednesday (8th February) temporarily halted the move by the Federal Government to ban the use of old naira notes from February 10, 2023.
It was gathered that a seven-member panel led by Justice John Okoro, halted the move of the Federal Government in a ruling in an exparte application brought by three Northern States of Kaduna, Kogi and Zamfara.
The three States had specifically applied for an order of Interim Injunction restraining “the Federal Government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”
Moving the application, counsel to the applicants, Mr. A. I. Mustapha, SAN, had urged the Supreme Court to grant the application in the interest of justice and the well-being of Nigeria.
He stated that the policy of the Federal Government had led to an “excruciating situation that is almost leading to anarchy in the land.”
While he referred to a Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, Mustapha noted that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.
The senior legal practitioner further argued that unless the Supreme Court intervenes, the situation will lead to anarchy because most banks are already closing operations.
Delivering ruling in the motion, Justice Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed, “An order of Interim Injunction restraining the Federal Government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.” He further adjourned to February 15, 2023 for hearing of the main suit.
