Supreme Court Halts Banning Of Old Naira Notes

The process by the federal government to place ban on the use of the old Naira notes has been suspended by The Supreme Court in Abuja on Wednesday.

It can be recalled that the federal government had released the ban on the use of the old money which will take effect by February 10, 2023.

This movement by the federal government was stopped by a seven-member panel led by Justice John Okoro, in a ex parte application brought by three northern state of Kaduna, Kogi and Zamfara.

They applied for an order of Interim Injunction to prevent,

“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”.

During court proceedings on Wednesday, the applicants council, Mr A.I. Mustapha, SAN, pleaded the Supreme Court to grant the application for the interest of justice and benefit of Nigerians.

He said that the “excruciating situation that is almost leading to anarchy in the land “.

He also explained that the Central Bank of Nigeria’s (CBN) statistics put the number Nigerians who don’t own bank accounts at over 60 percent,

Mustapha also stressed that those who have bank accounts are now unable to collect their monies due to the new Naira note policy.

He further pleaded that the Supreme Court intervene or anarchy prevail in the country, adding that many banks are already closing operations.

In a thorough consideration held by Justice John Okoro, on Wednesday, the justice granted the ex parte application as suggested by the counsel.

It reads;
“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”.

Justice John Okoro also adjourned the case to February 15, 2023 for hearing of the main suit.

Details later…