8th February, 2023
By Ebere Agozie
In what seems like an answer to the prayers of many Nigerians, the Supreme Court on Wednesday temporarily stopped the Central Bank of Nigeria, CBN, from withdrawing the old Naira Notes from circulation
Th3 apex bank had fixed Feb. 10 for the withdrawal of the old notes from circulation
But ruling in a suit filed by Governors—Nasir El-Rufai Yahaya Bello and Bello Matawalle of Kaduna, Kogi and Zamfara respectively, the apex court stopped the CBN from stopping the use of the currency at the scheduled date
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 Feb. 10, the timeframe 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”.
While granting their request, a seven-member panel of Supreme Court led by Justice John Okoro, held that after a careful consideration of the motion exparte, ‘the 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 Feb. 10, the timeframe 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”.
The accordingly adjourned until Feb. 15, for hearing of the main suit.
Moving the application on earlier, counsel to the applicants, Mr A. I. Mustapha, SAN, urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.
He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land.”
While he referred to a Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.
The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations.
(NAN)