The Supreme Court today Wednesday temporarily halted the move by the federal government to ban the use of the old naira notes from February 10, 2023.
A seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three states had specifically applied for an order of Interim Injunction restraining “the FG 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”.
Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had 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 had 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.
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 accordingly adjourned to February 15, 2023 for hearing of the main suit.
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Quite a welcome development
ReplyDeleteYes the court have to interven, yesterday I tryed also all day to make a simple transfer to my husband but I couldn't, imagine my own money again I can not transfer, withdraw and to worsen the issue, POS agent are using it to defraud and frustrate people the more.This is not the Nigeria we want
ReplyDeleteLol.. Their matter tire me ooh.. 😂. You will struggle to make money. Then you will struggle to withdraw
DeleteCan't wait until February 15
ReplyDeleteUntil 15th Feb make we dey see…
ReplyDeleteHonestly this going out of hand
ReplyDeleteCan u imagine I can't even withdraw my own money the money I suffered to earn 😔
I can't even wait for February 14 to reach first
This is soo becoming unbearable for many. Nice post by the way
ReplyDeleteAnarchism Is Indeed Imminent Unless Of Course There Is Pertinent Intervention, Which Seems Already To Me Isn't Farfetched.
ReplyDeleteThis is going out of hand
ReplyDeleteThe supreme court took a wise decision to temporarily halts banning of old naira notes.
ReplyDeleteGreat decision from the Supreme Court. This will help ease the burden of Nigerians during this period.
ReplyDeleteThe Supreme Court should intervene please
ReplyDeleteNice move from the supreme court
ReplyDeleteNice one by supreme Court
ReplyDeleteThat's a good call by the supreme court
ReplyDeleteGreat move by the Supreme Court because the suspension of the old naira notes at a short notice have created lots of chaos across the country.
ReplyDeleteGreat decision 👍 this will help reduce the tension in the country.
ReplyDeleteWe don’t even know if we should continue spending the old notes or not, this people are wicked ooo. Do you think cashless policy can work in this Nigeria? Even if it going to work this is not the you introduce it to the citizen.
ReplyDelete