Supreme Court docket Adjourns Swimsuit Looking for To Halt Ban on Outdated Naira Notes

The Supreme Court docket has adjourned a swimsuit in search of to halt the ban on previous naira notes, to February 15, 2023, for a listening to. This comes after it suspended the transfer by the federal authorities to ban using previous naira notes from February 10, 2023.

In line with studies, Kaduna, Zamfara, and Kogi States had earlier requested an order of Interim Injunction from the Supreme court docket to restrain the federal authorities and the Central Financial institution of Nigeria (CBN) from figuring out February 10 because the deadline for the circulation and use of the previous N200, N500 and N1000 notes; pending the listening to and dedication of their movement on discover for interlocutory injunction.

The Supreme court docket guidelines in favour of the governors

At a court docket sitting on Wednesday (at this time), a seven-member panel led by Justice John Okoro suspended the transfer of the federal authorities after cautious consideration of the ex parte software introduced by the three northern states.

Justice Okoro who granted the applying as prayed mentioned, “An order of Interim Injunction restraining the federal authorities by way of the Central Financial institution of Nigeria (CBN) or the industrial banks from suspending or figuring out or ending on February 10, 2023, the time-frame with which the now older model of the 200, 500 and 1,000 denomination of the naira could now not be authorized tender pending the listening to and dedication of their movement on discover for an interlocutory injunction”

What influenced the ruling

The apex court docket delivered the ruling after the counsel to the candidates, A. I. Mustapha, SAN, moved the applying on the next phrases. First, Mustapha urged the apex court docket to grant the applying within the curiosity of justice and the well-being of Nigeria.

Second, he hinted that the federal government coverage had led to an “excruciating state of affairs that’s virtually resulting in anarchy within the land.” Third, he lamented that 40% of Nigerians with financial institution accounts can’t entry their monies from the financial institution because of the coverage.

Lastly, Mustapha argued that if the apex court docket doesn’t intervene, the coverage would start nationwide anarchy as most banks are closing operations already.

The swimsuit is, nevertheless, in search of a restraining order by the Supreme Court docket to coerce the CBN and the federal authorities from implementing the coverage.

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