The Supreme Court has temporarily suspended the ban on outdated Naira notes
The Federal government’s plan to outlaw the use of the old N200, N500, and N1000 notes as legal tender starting on February 10 has been temporarily blocked by the Supreme Court of Nigeria.
The order was issued by the Supreme Court in response to an exparte application brought before it by the governments of Kaduna, Zamfara, and Kogi against plans by the FG to discontinue the usage of the old Naira notes.
The previous versions of the N200, N500, and N1000 notes may no longer be considered legal money at any point after February 10, 2023, according to the three states’ request for an order of temporary injunction barring the FG through the Central Bank of Nigeria or the commercial banks.
The petitioners’ attorney, Mr. A. I. Mustapha, SAN, moved the application today and pleaded with the supreme court to approve it in the name of justice and the welfare of Nigeria. Mustapha asserted that the country was now in a “excruciating condition that is practically headed to anarchy” as a result of the government’s stance.
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 persons without bank accounts at over 60%.
The senior attorney added that since the majority of banks are already shutting down their activities, if the Supreme Court does not step in, the situation will result in chaos.
An order of Interim Injunction prohibiting the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending, determining, or ending on February 10, 2023, the time period with which the now-outdated 200, 500, and 1,000 denominations of the naira will continue to be legal tender was granted, according to the seven-member panel led by Justice John Okoro in its ruling on the motion.
He accordingly adjourned to February 15, 2023 for hearing.