In a dramatic twist of event, the Supreme Court of Nigeria has put a temporary stop to the Federal Government’s plan to discontinue the use of old 200, 500 and 1000 naira notes on February 10th.
The ruling came after three northern states, Kaduna, Kogi, and Zamfara, filed a motion through their lawyer, AbdulHakeem Mustapha (SAN), seeking to halt the Central Bank of Nigeria’s (CBN) naira redesign policy.
The seven-member panel of the Supreme Court, led by Justice John Okoro, granted an interim injunction that restrains the Federal Government, CBN, and commercial banks from implementing the deadline set for the discontinuation of the old notes.
The court also stated that the Federal Government, CBN, and commercial banks must not continue with the deadline until a notice of notice is heard on February 15th.
This ruling means that the old naira notes remain legal tenders in Nigeria. Mustapha, the lawyer representing the three state governments, said that they brought the matter to the Supreme Court because the policy was causing hardship to Nigerians, especially those in rural areas.
The legal battle over the February 10th deadline for the validity of the old notes has taken on a new dimension as five political parties and three state governments have begun separate legal battles.
While the Kaduna, Kogi, and Zamfara governments took the matter to the Supreme Court, five political parties filed a case in the Federal Capital Territory (FCT) High Court and secured an order preventing the Federal Government and the CBN from extending the deadline.
The CBN announced its plan to redesign the three banknotes on October 26th, 2022, and President Muhammadu Buhari officially unveiled the redesigned notes on November 23rd, 2022.
Initially, the CBN set a deadline of January 31st for the validity of the old notes, but after complaints from many Nigerians, the deadline was extended to February 10th with the approval of the President.
The National Assembly has asked for a six-month extension of the policy, and President Buhari has asked for seven days to make a major decision on the policy after a meeting with some APC governors.
The Supreme Court’s ruling will impact the government’s decision on the matter, and it remains to be seen how the legal battles will play out in the coming days.
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Joseph Omoniyi
