JUST IN: Supreme Court Stops FG From Banning On Old Naira Notes

Date: 08-02-2023 11:03 am (1 year ago) | Author: Bayo Nelson
- at 8-02-2023 11:03 AM (1 year ago)

The Supreme Court of Nigeria has temporarily halted the move by the Federal government to ban the use of the old N200, N500 and N1000 notes as legal tenders from February 10. The Supreme court gave the order while delivering judgment in the exparte application filed before it by the Kaduna, Zamfara, and Kogi state governments against plans by the FG to stop the use of the old Naira notes. The three states had applied for an order of interim injunction restraining the FG through the Central Bank of Nigeria or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame in which the older versions of the N200, N500 and N1000 notes may no longer be legal tenders

Moving the application today, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria. Mustapha argued that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land “. While he referred to a Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.

The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations.

Delivering ruling in the motion, the seven-man panel led by Justice John 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, 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”.

He accordingly adjourned to February 15, 2023 for hearing.

Posted: at 8-02-2023 11:03 AM (1 year ago) | Addicted Hero
- kp45 at 8-02-2023 11:30 AM (1 year ago)
Online (m)
They are all confuse. Now people even careless about the the expiring date, it's how to feed now.
Posted: at 8-02-2023 11:30 AM (1 year ago) | Addicted Hero
- gogoman at 8-02-2023 12:12 PM (1 year ago)
Online (m)
 Roll Eyes Roll Eyes Roll Eyes
Posted: at 8-02-2023 12:12 PM (1 year ago) | Grande Master
- OmoNobaUku at 8-02-2023 02:01 PM (1 year ago)
Their terrible plot is unravelling before their very eyes. Well done, Govenors!
Posted: at 8-02-2023 02:01 PM (1 year ago) | Gistmaniac
- Allsense at 8-02-2023 04:10 PM (1 year ago)
Everything that is happening now is very intentionally done but you pple might be more than shocked with the outcome of event after 10th
Posted: at 8-02-2023 04:10 PM (1 year ago) | Gistmaniac
- blowout at 8-02-2023 07:29 PM (1 year ago)
The judiciary is just a joke. The supreme court should know it is overreaching itself. The CBN is independent and has acted within its power. Since the akpabio and Lawan judgements the supreme court has become a caricature.
Posted: at 8-02-2023 07:29 PM (1 year ago) | Gistmaniac


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