Supreme Court halts move to ban the use of old Naira Notes

The Supreme Court of Nigeria has temporarily halted the move by the Federal government to ban the use of the old N200, N500 and N1000 notes as legal tenders from February 10.

The Supreme court gave the order while delivering judgment in the exparte application filed before it by the Kaduna, Zamfara, and Kogi state governments against plans by the FG to stop the use of the old Naira notes.

The three states had applied for an order of interim injunction restraining the FG through the Central Bank of Nigeria or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame in which the older versions of the N200, N500 and N1000 notes may no longer be legal tenders

According to the counsel of the applicants, Mr A. I. Mustapha, SAN the court should grant the application for the well being of Nigerians as the policy has led to excruciating pain for the citizens

The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations.

Delivering ruling in the motion, the seven-man panel led by Justice John Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed. He accordingly adjourned to February 15, 2023 for hearing.