The Supreme Court of Nigeria on Wednesday temporarily stopped the Federal Government from terminating the validity of the old Naira notes on Friday, February 10, 2023.
Based on the ruling of the Supreme Court, the old 200, 500, and 1000 Naira notes shall continue to remain legal tenders in the country.
The ruling of the apex Court was predicated upon a case instituted by the governors of Kaduna, Kogi, and Zamafara through an ex parte application which the Supreme Court granted without putting the Federal Government on notice.
Delivering its ruling on the ex parte application, a seven-member panel led by Justice John Okoro, halted the plan by the Federal Government to phase out the old Naira notes.
Justice Okoro held that after careful consideration of the motion ex parte, this application is granted as prayed.
He further held; “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 an interlocutory injunction”.
The apex Court accordingly adjourned until February 15, 2023, for the hearing of the main suit.
The three governors had applied to the Supreme Court 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, being the time frame with which the old version of the 200, 500 and 1,000 denomination of the naira will 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, prayed the Supreme Court to grant the application in the interest of justice and the well-being of Nigeria.
Mustapha said that the policy of the government has led to an excruciating situation that is almost leading to anarchy in the land.
He noted that the Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, saying that the few Nigerians with bank accounts cannot even access their monies from the bank as a result of the policy.
Mustapha further said that unless the Supreme Court intervenes, the situation will lead to anarchy as most of the banks are already closing operations.
