Business
JUST IN: Supreme Court temporarily stops FG, CBN from banning old naira notes
Nigeria’s apex court, the Supreme Court has 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, on Wednesday, 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”.
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.
More later…
Igbeagu Ekene
February 8, 2023 at 10:33 pm
CBN governor and monitory policy is right. It’s suppose not tempered because what is happening in this country whereby rule of law tempered by those that made the law for us. The supreme court now coming up for the case because the policy affect them much and their families. Am saying this in the extent that Nigeria is no more because they don’t keep rule of law, for instance if am only the person this policy of CBN affect supreme court nor layer will not come for me. Likewise Nnamdi KANU was granted bail by court of appeal in the extent no any other jurisdiction will try his case again but the bodies that knows about the law still devoid it because he is alone. Federal government and those cabals behind all these problems in this country should desist themselves from it or wait for the wrath of God.