Supreme Court stops FG from banning old naira notes

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On Wednesday, the Supreme Court temporarily blocked the federal government’s plan to outlaw the use of old naira notes starting on February 10, 2023.

Three northern states—Kaduna, Kogi, and Zamfara—filed an exparte application with the court, and a seven-member panel chaired by Justice John Okoro stopped the federal government’s action.

The three states specifically requested a temporary injunction to prevent “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the commercial banks from suspending or determining or ending on February 10, 2023, the time period with which the now-outdated 200, 500, and 1,000 naira denominations of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”

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The applicants’ attorney, Mr. A. I. Mustapha, SAN, moved the application on Wednesday, pleading with the supreme court to grant it in the interest of justice and the welfare of Nigeria.

The government’s policies, according to him, had created a “excruciating situation that is almost leading to anarchy in the land.”

Despite citing statistics from the Central Bank of Nigeria (CBN) that put the percentage of people without bank accounts at over 60%, Mustapha bemoaned the fact that due to the policy, the few Nigerians who do have bank accounts are unable to even access their funds.

The senior attorney continued to make the case that if the Supreme Court does not step in, the situation will result in anarchy because the majority of banks are already ceasing operations.

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An order of interim injunction prohibiting 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the commercial banks from suspending or determining or ending on February 10, 2023, the time period with which the now-outdated 200, 500, and 1,000 denominations of the naira may no longer be legal tender, Justice Okoro said in ruling on the motion.

As a result, he postponed the hearing on the main lawsuit until February 15, 2023.

later on for more information.

 

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