Supreme Court prevents Buhari and the CBN from outlawing old Naira notes.

The Supreme Court on Wednesday temporarily halted a move by the federal government to ban the use of the old naira notes from February 10, 2023.

In a judgement on an exparte application filed by the three northern states of Kaduna, Kogi, and Zamfara, a seven-member panel led by Justice John Okoro stopped the federal government’s move.

The three states specifically requested an order of interim injunction prohibiting “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the commercial banks from suspending or determining or ending on February 10, 2023, the time period with which the now-outdated 200, 500, and 1,000 naira denominations of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction” (instructions on notice for interim injunction).

In presenting the motion on Wednesday, the petitioners’ attorney, Mr. A. I. Mustapha, SAN, pleaded with the supreme court to approve the request in the name of justice and the welfare of Nigeria.

According to him, the government’s policies have resulted in “an agonizing scenario that is practically going to anarchy in the land.”

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.

Delivering ruling in the motion, Justice Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed, “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 interlocutory injunction”.

He consequently postponed the main lawsuit’s hearing until February 15, 2023.