The federal government’s decision to prohibit the legal tendering of old N200, N500, and N1000 notes from Friday, February 10, has been suspended by the Supreme Court.
On Wednesday, February 8, a 7-member panel led by Justice John Okoro halted the move in an ex parte application filed before it by three northern states, including Kaduna, Zamfara, and Kogi. Today reported
The three northern states sought an interim injunction against the order.
The application reads in part:
“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 interlocutory injunction”.
Counsel to the 3 states, A.I Mustapha, urged the apex court while moving the application to consider his plea in the interest of justice and the well-being of Nigeria.
According to Mustapha, the government’s policy has led to an “excruciating situation that is almost leading to anarchy in the land“.
In the application, the applicants’ counsel referred to Central Bank of Nigeria (CBN) statistics indicating that more than 60% of Nigerians are unbanked.
Mustapha also lamented that the policy prevented the few Nigerians who had bank accounts from accessing their funds.
The ruling invariably means that old naira notes will continue to be accepted in the system at face value.
Before the decision was issued, the panel announced that the court would reconvene soon to rule on a motion ex-parte for interim injunction filed by the three states and argued on Wednesday morning by their lawyer, Abdulhakeem Mustapha (SAN).