Governors and some civil society organisations have expressed divergent views on the order by the Supreme Court of Nigeria restraining the Central Bank of Nigeria (CBN) and the federal government from ending the legal tender statuses of the old N200, N500 and N1000 banknotes on February 10, 2023.
While the governors hailed the apex court for the ruling, describing it as a big relief for suffering Nigerians due to the currency scarcity, the CSOs said it portends danger to credible polls.
The apex court made the order yesterday following the suit filed by three state governments challenging the Naira swap policy.
A seven-member panel, led by Justice John Okoro, halted the move of the federal government in a ruling in an ex-parte application brought by the three northern states.
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, 2023, the time frame within 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”.
Moving the application yesterday, 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.
He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land “.
While he referred to a 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 money 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.
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, Justice 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 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”.