The Supreme Court has temporarily suspended the move by the federal government to ban the use of old naira notes from February 10, 2023.
A seven-member panel led by Justice John Okoro granted an order by three state governors.
The apex court halted the federal government’s move in a ruling in the exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The states had applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) and 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”.
A. I. Mustapha, SAN, counsel to the applicants who moved the motion, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.
He stated that the government’s policy had led to an “excruciating situation that is almost leading to anarchy in the land “.
The lawyer further argued that unless the Supreme Court intervenes, the situation will lead to anarchy because most banks are already closing operations.
Justice Okoro, who delivered the ruling on the motion, held that after 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 declared.
The matter was adjourned to February 15, 2023, for hearing of the main suit.
