By Reporter
The Supreme Court of Nigeria, today February 8, 2023, temporarily halted the policy move by the Federal Government and the Central Bank of Nigeria to stop the use of the old Naira notes from February 10, 2023.
A seven-member panel led by Justice John Okoro, stopped the CBN move in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three states 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”.
While moving the application on counsel to the applicants, A. I. Mustapha, SAN, urged the court to grant the application in the interest of justice and the well-being of Nigeria.
He added that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land.”
He 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”.
The case has been adjourned to February 15, 2023 for hearing of the main suit.