The Supreme Court temporarily suspend the federal government’s effort to restrict the use of obsolete naira notes on February 10, 2023.
In a judgment in an exparte motion made by three northern states of Kaduna, Kogi, and Zamfara, a seven-member panel led by Justice John Okoro blocked the federal government’s action.
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 an interlocutory injunction”.
On Wednesday, Mr. A. I. Mustapha, SAN, counsel for the petitioners, requested the Supreme Court to grant the motion in the interest of justice and the well-being of Nigeria.
He added that the government’s strategy had resulted in an “excruciating condition that is virtually unbearable.”
While he referred to 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 a ruling in the motion, Justice Okoro, held that after 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 an interlocutory injunction”.
He accordingly adjourned to February 15, 2023, for a hearing of the main suit.