The Supreme Court has restrained the Federal Government and Central Bank Of Nigeria (CBN) from implementing the 10 February deadline of the old N200, N500 and N1,000 notes to stop being legal tender.
Three northern states – Kaduna, Kogi and Zamfara – had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria (CBN) Naira redesign policy.
The 7-man panel of the Apex court led by Justice John Okoro made the pronouncement while ruling on an ex parte injunction filed by three northern States of Kaduna, Kogi and Zamfara states.
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.
By this ruling, the old Naira notes continue to be legal tenders in Nigeria.
More to follow…
