The Nigerian Supreme Court has restrained the Federal Government of Nigeria from carrying on with the full implementation of the Naira swap policy.
Seven-man justices of the Supreme Court led by Justice John Okoro, has, in a unanimous ruling, granted an interim injunction restraining the Nigerian Government, Central Bank of Nigeria and their agents and commercial banks from implementing the February 10 terminal dates for the now old 200, 500 and 1000 naira notes from being legal tender.
Granting the ex-parte motion, Justice Okoro, held that after careful consideration of the motion ex-parte moved by A. I. Mustapha, SAN on behalf of the applicants, order is granted as prayed.
“An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria 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 interlocutory injunction.”
The court further held that the Federal Government, CBN and commercial banks must not continue with the deadline pending the determination of a notice in respect of the issue on February 15.
Three northern states: Kaduna, Kogi and Zamfara, had in a motion ex-parte filed on February 3rd, prayed the apex court to halt the Central Bank of Nigeria naira redesign policy.
The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria 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 interlocutory injunction”.
Justice Okoro adjourned the case to February 15, 2023 for hearing.