The Supreme Court on Wednesday temporarily halted the move by the Federal Government to ban the use of the old naira notes from February 10, 2023.
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.”
Also read: January 31 Deadline For Old Naira Notes Remains, CBN Insists
Recall that the High Court of the Federal Capital Territory Tuesday issued a restraining order on President Muhammadu Buhari, the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele and 27 commercial banks from suspending the demonetisation policy of the federal government.
Justice Eneojo Eneche, made the order while ruling in an ex parte application brought by four political parties against the government and 27 commercial banks in the country.
Also, the Conference of Nigerian Political Parties (CNPP) chairmen and candidates for the elections slated for February 25, have rejected alleged plans by some people to force the central bank to suspend the naira redesign policy.
Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.
He stated that the policy of the 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 lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.
The senior lawyer 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 accordingly adjourned to February 15, 2023 for hearing of the main suit.
