The Supreme Court has halted the plan of Central Bank of Nigeria (CBN) to implement the February 10th deadline of the old naira notes – N200, N500 and N100 being legal tender across the country.
The court made of seven-member panel led by Justice John Okoro stopped the move in a ruling in an ex parte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three 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 N200, N500 and N1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction.”
Delivering the ruling in the motion, Mr Okoro held that after careful consideration of the motion ex parte, 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 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction,” said the judge.
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He accordingly adjourned until February 15 for a hearing of the main suit. The court further held that the Federal Government, the CBN and commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue on 15 February.
Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.
