By Deborah Onyofufeke, Abuja
The Supreme Court has temporarily stopped the federal government from carrying on with its move to ban the use of old naira notes come February, 10 2023.
A seven-man panel led by Justice John Okoro, on Wednesday, ruled in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
Counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the Supreme court to grant the application in the interest of justice and the well-being of Nigerians as the policy of the government has led to what he termed an excruciating situation, almost leading to anarchy.
The senior advocate further stated that Nigerians with bank accounts are unable to access their monies from the bank as a result of the policy adding that unless the Supreme Court intervenes the situation will lead to anarchy as 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.
Three Northern states, Kaduna, Kogi and Zamfara had approached the apex court where they through their counsel 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”.
