Supreme Court suspends CBN deadline on naira notes swap validating use of old notes after Feburary 10
Nigeria’s apex court on Wednesday suspended the plan 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 plan in an exparte application brought by three northern states of Kaduna, Kogi, and Zamfara.
The old notes would have ceased to be legal tender on February 10. The judge accordingly adjourned to February 15 for a hearing of the main suit.
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 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”.
Lawyer to the applicants, Mr A. I. Mustapha, SAN, while moving the application urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.
He argued that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land “.
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 a ruling in the motion, Justice Okoro, held that after 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 an interlocutory injunction”.
He accordingly adjourned to February 15, 2023, for a hearing of the main suit.
The implication of this ruling is that the old N200, N500, and N1000 notes remain valid after the February 10 deadline given by the CBN.
Recall that the National Assembly asked for a six-month extension of the policy, amid scathing criticisms by governors, lawmakers and stalwarts of the ruling party, the All Progressives Congress (APC) including the flag bearer of the party, Bola Tinubu; former Edo State governor, Adams Oshiomhole; Speaker of the House of Representatives, Femi Gbajabiamila; Majority Leader of the House of Representatives, Alhassan Ado Doguwa; Minister of Works and Housing, Babatunde Fashola; amongst others.
