From Godwin Tsa, Abuja
The Supreme Court on Wednesday temporarily stops the Federal Government from banning 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 ex parte application brought by three northern states of Kaduna, Kogi and Zamfara.
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.
Counsel to the applicants, MI Mustapha, SAN, who moved the application urged the court to grant the application in the interest of justice and Nigerians.
It was his contention that the policy had led to an “excruciating situation that is almost leading to anarchy in the land.”
Justice Okoro had after listening to the motion ex parte 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 adjourned to February 15 for a hearing of the main suit.