Home JUDICIARY BREAKING! Supreme Court Temporarily Halts Old Naira Notes’ Withdrawal

BREAKING! Supreme Court Temporarily Halts Old Naira Notes’ Withdrawal

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Old Notes And Newly Redesigned N200, N500, N1,000: Spot Any Difference ...

The Supreme Court has temporarily halted the withdrawal of the old versions of the redesigned N200, N500 and N1,000 banknotes from February 10, 2023.

This order of Nigeria’s apex court came Wednesday via a seven-member panel led by Justice John Okoro in a ruling in an exparte application brought by the trio of Kaduna, Kogi and Zamfara states.

The three Northern 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, the time frame with which the now older version of the 200, 500 and 1,000 denominations of the Naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

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, the time frame with which the now older version of the 200, 500 and 1,000 denominations of the Naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction,” the court ruled.

The court adjourned until February 15, for hearing of the main suit.

Moving the application on Wednesday, counsel to the applicants, Mr. A. I. Mustapha, a Senior Advocate of Nigeria (SAN), 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 has led to an “excruciating situation that is almost leading to anarchy in the land”.

Referred to CBN statistics reportedly quoting the number of people without bank accounts at over 60 per cent of the population, Mustapha lamented that the few Nigerians with bank accounts cannot even access their monies from the bank as a result of the policy.

He further argued that, unless the Supreme Court intervenes, the situation will lead to anarchy because, according to him, operations had already ceased at most banks. closing operations.

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