People & Money

Naira Redesign: Supreme Court Pauses Ban of Old Naira Notes

The Nigerian Supreme Court has temporarily halted a proposed ban on the use of old Naira notes across the country. A seven-member panel headed by Justice John Okoro issued a ruling on Wednesday morning, blocking an ex parte motion filed by the Governors of Kaduna, Kogi, and Zamfara. Justice Okoro adjourned the case until February 15 for a hearing of the main suit.

The Justice, in his ruling, stated that after careful consideration of the ex parte motion, the application was granted as requested. 

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.”

Also Read: Naira Redesign Chaos Worsens as Protests Hit Lagos, Ibadan

This judgment by the Supreme Court is coming even as an FCT High Court imposed a restraining order on President Muhammadu Buhari, the Central Bank of Nigeria (CBN), and its Governor Godwin Emefiele, as well as 27 commercial banks from interfering with the currency swap deadline. 

The lawsuit concerning the redesigned Naira notes started yesterday when Governors Nasir El-Rufai of Kaduna, Yahaya Bello of Kogi, and Bello Matawalle of Zamfara filed a case against the CBN and the Federal Government. The suit sought to stop the full implementation of the new naira policy launched by the Central Bank. 

Also Read: Decisions have consequences

The plaintiffs’ counsel, Mr. A. I. Mustapha, SAN, urged the Supreme Court to grant the request in the interest of justice and the good of Nigeria, stating that the government’s policy has resulted in a painful situation in the country. 

The drama surrounding the Naira redesign policy continued as 13 of the 18 political parties contesting in the 2023 elections threatened to boycott the polls if the Central Bank of Nigeria extended the deadline. The statement was made by the National Chairman of the Action Alliance, Kenneth Udeze at a press briefing organized by a coalition of chairmen of political parties in Abuja. 

David Olujinmi

David Olujinmi studies Engineering but his true passion is research and analysis. He writes about finance, particularly the capital market, investment banking, and asset management. More »

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