Just In: Supreme Court Stops February 10 Deadline For Naira Swap

CBN Denies Alleged Threat To Shut Down Banks, Claims Of Shortage Of Printing Paper As Cause Of Naira Notes Shortage

The Supreme Court of Nigeria, on Wednesday, restrained the Federal Government from enforcing the February 10 deadline for the use of N200, N500 and N1000 old naira notes.

The court, in a unanimous decision by a seven-member panel, halted the
full implementation of the naira swap policy of the Central Bank of Nigeria {CBN}.

The ruling by the Supreme Court followed a suit filed by Governors Nair el-Rufai of Kaduna State, Yahaya Bello of Kogi and Bello Matawalle of Zamfara State.

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, urged the court to grant the application in the interest of justice and Nigerians.

He also argued that the policy had led to an “excruciating situation that is almost leading to anarchy in the land”.

Justice John Okoro, who led the seven-man panel, after careful consideration of the motion exparte in the application, granted the prayer.

Ruling on the motion, Justice Okoro held that “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 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 an interlocutory injunction”.

He, however, adjourned to February 15, 2023, for a hearing of the main suit.

The policy of the CBN, which has led to anxiety and violent protests in parts of the country due to shortage of the currency, has pitched the ruling All Progressives Congress {APC} against opposition parties in the country, some of which have threatened to boycott  the 2023 general elections if the February 10 deadline is tampered with.


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