Supreme Court Halts Ban On Use of Old Naira Notes


 

The Supreme Court has temporarily halted 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, halted the move of the Federal Government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

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
The interim application is pending the hearing and determination of the motion on notice for interlocutory injunction”.

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Moving the application a shortwhile , counsel to the applicants, Uthman Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.

Delivering ruling in the motion, Justice Okoro granted the interim order restraining the Federal Government through CBN from the continued implementation of the new monetary policy.

The Apex Court has adjourned to February 15, 2023 for hearing of the main suit.


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