The Supreme Court on Wednesday has temporarily stopped the federal government, through the Central Bank of Nigeria from banning the use of naira notes from February 10, 2023.
The seven-member panel led by Justice John Okoro stopped the federal government in a ruling in an ex parte application brought by three Northern states of Kaduna, Kogi and Zamfara. The three states sought to halt the full implementation of the Naira redesign policy by the CBN.
The plaintiffs said there has been a shortage in the supply of the new naira notes in their states. Moving the application on Wednesday, counsel to the applicants, Mr. Adbulhakeem Mustapha, urged the court to grant the application in the interest of Justice and Nigerians.
He said that the policy has led to an “excruciating situation that is almost leading to anarchy in the land.” After careful consideration of the motion ex parte, the Supreme Court granted the application.
Justice Okoro ruled on the motion that “An order of Interim Injunction restraining 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.”
The matter has been adjourned to February 15, 2023, for hearing of the main suit.
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