S /Court Temporarily Stops Banning of Old Naira Notes


By Kenneth Atavti 

The Supreme Court on Wednesday temporarily stopped the move by the federal government to ban the use of the old naira notes from February 10, 2023.

A seven-member panel led by Justice John Okoro, stopped the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara respectively. 

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 been implemented by the Federal Government of Nigeria. 

Details later