Supreme Court of Nigeria has temporarily stopped any plans to ban the use of the old naira notes across the country.
A seven-member panel led by Justice John Okoro made the decision on Wednesday, 8 Feb 2023, stopping an exparte application filed by the three northern states of Kaduna, Kogi, and Zamfara.
It was noted that the states took the Federal Government to the Supreme Court in relation to the lack of old and new naira notes as a result of the Central Bank of Nigeria’s (CBN) currency redesign policy.
In addition, Justice Okoro postponed the case until February 15 so that the main lawsuit could be heard.
According to the Justice’s decision, this application is granted as requested after thorough study of the motion expert.
“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 Feb. 10, the time frame with which the now older version of the 200, 500 and 1,000 denominations of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”
Prior to the hearing and decision on their motion on notice for an interlocutory injunction, the three states had specifically asked for an order of interim injunction prohibiting the Federal Government and the Central Bank of Nigeria (CBN) from setting February 10 as the deadline for the use and circulation of the old N200, N500, and N1000 notes.
Counsel to the applicants, Mr A. I. Mustapha, SAN, urged the apex court to grant the application in the interest of justice and the well-being of Nigeria, adding that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land “.
He also revealed that the Central Bank of Nigeria’s (CBN) statistics revealed the Nigerians without Bank accounts at over 60 per cent, adding that they can’t even access their monies from the bank as a result of the policy.
Prior to this, the Federal Capital Territory (FCT) High Court had prohibited the Central Bank of Nigeria (CBN), President Muhammadu Buhari, and 27 commercial banks from suspending or obstructing the currency redesign terminal date of February 10 or issuing any directives that would be in conflict with that date.
Out of the 18 political parties in Nigeria, 13 have vowed to stop campaigning for the February 25 and March 11 general elections in 2023 if the Central Bank of Nigeria (CBN) delays the February 10 currency swap deadline.
Due to the Central Bank of Nigeria’s (CBN) stance regarding the redesign of the Naira, the states of Kaduna, Zamfara, and Kogi sued the federal government in the Supreme Court.
The state governments are requesting a restraining order from the Supreme Court to prevent the government and CBN from enacting the policy because they are concerned about the impact it is having on the citizens of their states.
