Supreme Court Pauses Ban of Old Naira Notes
The Supreme Court of Nigeria has temporarily halted the Federal Government’s plan to prohibit the use of old N200, N500, and N1000 notes as legal tender beginning February 10.
The Supreme Court issued the order while delivering judgment in an ex parte application filed before it by the governments of Kaduna, Zamfara, and Kogi against the FG’s plans to phase out the use of old Naira notes.
The three states sought an interim injunction to prevent the FG, through the Central Bank of Nigeria or commercial banks, from suspending, determining, or terminating the older versions of the N200, N500, and N1000 notes from becoming legal tender on February 10, 2023.
Mr. A. I. Mustapha, SAN, counsel for the applicants, moved the application today, urging the apex court to grant it in the interest of justice and the well-being of Nigeria.
Mustapha argued that the policy of the government had led to an excruciating situation that is almost leading to anarchy in the land
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While referring to Central Bank of Nigeria (CBN) statistics indicating that more than 60% of Nigerians do not have bank accounts, Mustapha lamented that the few Nigerians who do have bank accounts are unable to access their funds as a result of the policy.
The senior lawyer went on to say that unless the Supreme Court intervenes, the situation will devolve into anarchy because most banks are already shutting down.
In ruling on the motion, the seven-member panel led by Justice John Okoro stated, “After careful consideration of the motion exparte, this application is granted as prayed.”
An Interim Injunction restraining the federal government, through the Central Bank of Nigeria (CBN), or commercial banks, from suspending, determining, or ending on February 10, 2023, the time frame within which the now-older version of the 200, 500, and 1,000 naira denominations may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction
As a result, he postponed the hearing until February 15, 2023.
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