THE attempt by the Federal government to ban the use of the old naira notes from February 10 has been temporarily halted by the Supreme Court.
A seven-member panel of Justices of the apex court led by Justice John Okoro ordered the suspension of the plan while ruling on an exparte motion filed by the Kaduna, Kogi and Zamfara State governments.
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The ICIR reported that three All Progressives Congress (APC) governors dragged the Federal Government before the Supreme Court in a bid to halt the full implementation of the naira redesign policy introduced by the Central Bank of Nigeria (CBN).
The governors of Kaduna, Nasir El Rufai; Kogi, Yahaya Bello; and Zamfara, Bello Matawalle, who filed the suit, expressed concern about the impact of the CBN policy on citizens of their states.
The Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, is the only defendant in the lawsuit.
Presenting the motion on Wednesday, the applicants’ counsel, A. I. Mustapha, pleaded with the Supreme Court to approve the request in the name of justice and the welfare of Nigeria.
He stated that the government’s policy is causing pain to citizens.
Mustapha cited Central Bank of Nigeria (CBN) statistics which put the number of people who don’t have bank accounts at over 60 per cent.
He also lamented that the few Nigerians with bank accounts couldn’t even access their monies from the bank as a result of the policy.
In his ruling on the motion, Justice Okoro held that after careful consideration of the motion exparte, the application is granted as prayed.
He therefore granted 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.”
The CBN had fixed February 10 for the expiration of the older version of the N200, N500 and N1,000 banknotes.
A reporter with the ICIR
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