The Supreme Court has halted the move by the Federal Government to ban the circulation of the old Naira notes by February 10, 2023.
Justice John Okoro led a seven man team of justices to temporarily stop the government’s deadline while ruling in an exparte application brought by three northern governments of Kaduna, Kogi, and Zamfara states on Wednesday.
The three northern states had prayed the Supreme Court to grant them an interim injunction stopping the Federal Government either by itself or acting through the CBN, the commercial banks or its agents from carrying out its plan of ending the timeframe within which the now older versions of the 200, 500 and 1000 denominations of the Naira may no longer be legal tender on Feb. 10, in a motion ex-parte filed on their behalf by their lawyer, AbdulHakeem Uthman Mustapha (SAN).
Thee Attorneys-General and Commissioners of Justice of the three states are the plaintiffs while the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), is the sole Respondent
Justice Okoro, who ruled on the motio exparte granted the application 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 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 ruled.
The judge adjourned until February 15, 2023, for hearing of the main suit.
