Supreme Court temporarily halts FG from banning old naira notes

The federal government’s plan to outlaw the use of the old naira notes starting on February 10, 2023, was temporarily halted by the Supreme Court on Wednesday.

In a ruling on an exparte application filed by the three northern states of Kaduna, Kogi, and Zamfara, a seven-member panel led by Justice John Okoro stopped the federal government’s move.

The three states specifically requested an order of interim injunction prohibiting “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the commercial banks from suspending or determining or ending on February 10, 2023, the time period with which the now-outdated 200, 500, and 1,000 naira denominations of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction” (instructions on notice for interim injunction).

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In presenting the application on Wednesday, the applicants’ attorney, Mr. A. I. Mustapha, SAN, pleaded with the supreme court to grant the request in the name of justice and the welfare of Nigeria.

According to him, the government’s policies had resulted in “an agonizing situation that is almost leading to anarchy in the land.”

Mustapha bemoaned that, as a result of the policy, the few Nigerians who do have bank accounts are unable to even access their funds from the bank, despite statistics from the Central Bank of Nigeria (CBN) placing the number of people without bank accounts at over 60%.

The senior attorney added that since the majority of banks are already shutting down their operations, if the Supreme Court does not step in, the situation will result in anarchy.

In ruling on the motion, Justice Okoro stated that “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the commercial banks from suspending or determining or ending on February 10, 2023, the time period with which the now-outdated 200, 500, and 1,000 denominations of the naira may no longer be legal tender” is granted as prayed.

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He accordingly postponed the main lawsuit’s hearing until February 15, 2023.

Details to follow.