Supreme Court stops old naira notes deadline implementation

The Supreme Court on Wednesday temporarily halted the move by the Federal Government through the Central Bank of Nigeria to ban the use of the old naira notes from February 10, 2023.

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

ValidViewNetwork reports that the February 10 deadline for the currency swap announced by the Central Bank of Nigeria pitted Governors Nasir El-Rufai of Kaduna, Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) against 14 political parties which threatened to boycott the February 25 election, should the CBN extend the time limit.

The state governments said they are worried about the effects the CBN naira redesign policy is having on the residents of their states. Consequently, they are seeking a restraining order by the Supreme Court to compel the government and CBN from implementing the policy.

The states filed an ex-parte motion through their lawyer, AbdulHakeem Uthman Mustapha (SAN), and are urging the Supreme Court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on February 10, 2023.

This results in an High Court of the Federal Capital Territory restraining the President, Major General Muhammadu Buhari (retd.), CBN, its Governor Godwin Emefiele and 27 commercial banks from suspending, stopping, extending or interfering with the currency swap terminal date.

The order was handed down on Monday by Justice E. Enenche following an application by four political parties.

That said, the three governors, who dragged the CBN and the Federal Government to the Supreme Court, were seeking a halt to the full implementation of the naira redesign policy initiated by the apex bank.

But, moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, urged the court to grant the application in the interest of justice and Nigerians.

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He argued that the policy had led to an “excruciating situation that is almost leading to anarchy in the land”.

After careful consideration of the motion exparte in the application, Justice Okoro granted the prayer.

Ruling on the motion, Justice Okoro held 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 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, however, adjourned to February 15, 2023, for a hearing of the main suit.