The supreme court, on Wednesday, February 8, halted the move by the federal government to ban the use of the old naira notes from February 10, 2023.
The supreme court, on Wednesday, February 8, 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, stopped the move in a ruling in an ex-parte application brought by three states including Kaduna, Kogi and Zamfara.
The three states 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 older version of the N200, N500 and N1,000 may no longer be legal tender, pending the hearing and determination of their motion on notice for interlocutory injunction.”
Counsel to the applicants, A.I. Mustapha (SAN), while moving the application on Wednesday, 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 federal government had led to an “excruciating situation that is almost leading to anarchy in the land.”
Mustapha, while he referred to statistics from the Central Bank of Nigeria (CBN) which put the number of people who don’t have bank accounts at over 60 percent, lamented that the few Nigerians with bank accounts can’t even access their funds 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.
Justice Okoro, while delivering ruling in the motion, granted the application after a careful consideration of the motion.
Also, he adjourned the case till February 15, 2023, for hearing of the main suit.
It is worth noting that ever since the redesigned N1000, N500 and N200 notes went into circulation on December 15, 2022, Nigerians have been complaining about the insufficient quantities at deposit money banks (DMBs).
