Currency
BREAKING: Supreme Court stops the ban of old naira notes
The Federal Government’s plan to outlaw the use of the old naira notes as of February 10, 2023 was temporarily blocked by the Supreme Court on Wednesday.
A seven-member panel’s decision in an exparte application filed by three northern states – Kaduna, Kogi and Zamfara – stopped the federal government’s action.
The Supreme Court had earlier taken a short break before returning with its decision on three state’s appeal to stop the Federal Government from implementing its February 10 deadline for the phase-out of the old naira notes.
A application ex-parte for temporary injunction filed by the three states and argued this morning by their attorney, Abdulhakeem Mustapha (SAN), was heard by a five-member panel of the court, led by Justice John Okoro, who had previously declared that the court will soon resume hearing the matter.
When introducing the motion, Mustapha argued that the court should give the requested order to protect the nation and stop an impending chaos.
In a complaint the three state governments filed on February 3 he stated that the injunction should be granted pending the hearing of a motion on notice.
