By John Ikani
The Supreme Court has temporarily put a stop to the federal government’s plan to ban the use of old naira notes starting from February 10th, 2023.
A seven-member panel led by Justice John Okoro made the ruling in response to an application brought by the northern states of Kaduna, Kogi, and Zamfara.
The three states had applied for an interim injunction to prevent the federal government, through the Central Bank of Nigeria (CBN) or commercial banks, from ending the use of the older versions of the 200, 500, and 1,000 naira notes.
Arguing in favour of the application, counsel to the applicants, Mr. A. I. Mustapha, expressed the urgency for the Supreme Court to intervene and protect the well-being of Nigeria.
He highlighted that the current situation has become unbearable, as over 60% of the population do not have bank accounts, and even those with bank accounts can’t access their money.
The senior lawyer warned that unless the Supreme Court steps in, the situation will lead to anarchy, as most banks are already closing their operations.
Justice Okoro granted the application, ruling that an interim injunction should be put in place to prevent the ban from taking effect until the main suit is heard.
The hearing for the main suit has been scheduled for February 15th, 2023.
This is a developing story…
