The Supreme Court on Wednesday temporarily halted a move by the federal government to ban the use of the old naira notes from February 10, 2023.
A seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
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 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”.
Moving the application on Wednesday, 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 had led to an “excruciating situation that is almost leading to anarchy in the land “.
While he referred to a Central Bank of Nigeria’s (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 monies 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.
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 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”.
He accordingly adjourned to February 15, 2023 for hearing of the main suit.
Good one. The three Govn are truly representing their people. That’s the beauty of democracy
We thank God we have good people who have the love of poor citizens at heart at the Apex court.
NIGERIA IS A FAIL STATE ACCORDING TO PETER OBI AND I CONCUR
just as you have failed ur generation too
Nigeria is a country not a state GENESIS U HEAR.
That small monkey called Hellrufai must not have his way to destroy Nigerian further than this, Wjere was Helrufai when we suffered unending fuel scarcity since ocotber last year, where was the evil man when ASUU went on strike for over 8months, how come the evil man suddenly become the fighter of the masses? Supreme Court have done enough damage to this evolving democracycy and the CJN must be responsible for whatever happens to Nigeria if this debacle does not end soon. FEB 10 DATE REMAINS SACROSANT, NO GOING BACK.
These useless northern governors never went to court to protest raper/kidnapping/killer herdsmen taking over farmlands, schools and highways, they never went to court to challenge Asuu or federal govt to stop strike, they never went to court to protest scarcity of petrol since November 2022 and the cost, 600per liter, while diesel is 850per liter, they did not go to court to help nigerians protest paying very high for darkness. To get money to buy vote, they have gone to court.
You just say it all
Thank you very much
You said it all. They know their for keeping quiet and mute over the aforementioned issues. Only for them to wake up now the matter is going to choke them. The judiciary itself has lost its posterity. With them today in Nigeria black is now white.
It is disrespectful to describe the governors in the manner you did. These governors you badmouthed were in fact the frontliners in the fight against terrorists in the North. They committed huge resources into the fight and I know all of them wanted to do more but for constitutional limitation.Also would going to court stop terrorists from killing innocent souls? Making inciteful comments will not take us anywhere. Let all of think of what we can do individually that can unify and aid our development
Is one of them not part of the killers?
Kunle I agree with you, but you see, like what AC said,if this kind of action they have taken was taken against the vices mentioned early enough,it would have put the power at the center on their toes. It’s not a hidden fact that there are saboteurs in the system but the Governors being the Cso’s of their respective states and closer to the victims stand on the best ground to get the attention of the FG and all concerned and make a strong case against these ills. After all ,what do we mean by ” checks and balances”?
Dont mind him,some people don’t even know the problems of Nigeria
Bros,if those governors knew where the courts are situated; why have they turned blind eye to the suffering masses for the past 8 yrs?? Lemme tell you, VOTE BUYING ACTUALLY MADE THEM GO TO COURT, TAKE OR LEAVE. Since all of una wan sink dis country, no wahala mak una go ahead. Those governors are indeed USELESS. MK FEM COME ARREST ME…
Why did Emefiele allowed the naira and economy to be collapsed before waking up to be doing the right things? Note that Emefiele has been the CBN governor since June 2014 when exchange rate was just about #200 to a dollar
One thing I know, is that God must see us through on this evil nation called Nigeria.
GOD WILL DELIVER U PEOPLE CALLING NIGERIA BAD BAD NAMES. Repent!
Which disrespectful are talking about, since the day it was shifted from January 31 to February 10 how many people have gotten the new naira note, are they not just increasing the suffering of the people. If we allow the day to come, we just know that henceforth only the new notes Will Be on board, because the extension will not still make the new one available neither Will the old ones. So they are increasing the pain of the people.
It is the financial institutions that have fraustrated this effeort to stop corruption by hoarding the new notes. If only the notes or the lower denomination we’re massively in circulation, we won’t be hearing this today. But tell me didn’t you see this policy beneficial in the near future? Cos the common wealth of this country was been held in the hands of few individuals.
I Agee with you absolutely. If somebody is expected to do 4 things, and we see him doing 1.5 or even 2. Reasons say that given more support and resources, the person shall attempt to do the 4 and may achieve up to 3 or more. I think protest mentality and criticism is simply habitual now.
Am very sure that those supporting these CBN policies are the people that don’t want ordinary Nigerians to we exist
Baba, stop all the English. You and i know why the governors are fighting tooth and nail to keep the old notes.
You really got it. Some people just like to talk
Please sir, don’t join issues with these ignoramus,who are only moved by their emotions and atavistic sentiment. I don’t how going to court could have stopped these ills in our society.
I think you have fogotten that its also a blessing for someone to have a reasonable and able good thinking ability, and the fact that some of us Human can only be distinguish among animals (Monkeys) with just the different in skin nature (hairy), but their IQ remains K.
God bless you
Ur forefathers are the most useless than any citizens of federal republic of Nigeria
God punish u for ur lunatic imbecile statements
U very stupid go back to school, bcuz u don’t know what you are doing stupid bastard
I agree with you. They saying this move is for the interest of Nigerians is just a pretext
Nigeria is just a doom country sorry to use this word. This issue of new note was as simple as reloading all atm machines with new notes and those with old ones make deposits to their banks.
The governors have done the right thing.
Mr man,pls don’t believe the impression that those leaders u just mention don’t have enough money to buy vote if they want to as at now bcus u will be very disappointed .Bcus majority of those politicians and leaders and others round the country are the reason Nigerian are facing financial hardship. Majority of those leaders and politicians are either banks owner or godfathers to bank owners. They are in position of 70 percent of those redesign naira note distributed by CBN and have either give directive to their bank manager not to give out much of those notes to customer or ask their bank owner loyalist to withhold certain amount of cash for their buy election propaganda which will really go a long way in convincing helpless Nigerians to vote for them bcus Nigerians are in a financial delinma and people need money to survive the hardships in Nigeria Those leaders know this fact and they are happy abt the situation. They only came out openly dragging CBN and Mr President to Supreme Court, because that is what nigerians from those state expect them to do.
CBN should have wait after the election before implementing such order bcus what I perceive na is that instead of reducing the vote buy by those leaders and politician who don’t have faith in nigerians for voting for them without putting money in their pocket,CBN is increasing the buy vote in February 25 election. CBN don’t expect nigerians who have money in their bank acct but couldn’t get hold of their money to reject one when they see it. Bcus in life one must stay alive to live and for u to live u need money and food. That is the basic truth
thank you so much bro that is good
Nonsense brain abi for south south your governors where animals or are they not Nigerians
I want to appreciate the intervention of the concerned state govts and the judiciary for coming to the aid of the suffering masses. Only Buhari and his cabal understand why they chose to inflict so much pain on citizens at this time. But i know history will not be kind to them for not seeing through the game plan of fifth columnists who at every point had tried to sabotage the policies and actions of central govt no matter how well intentioned. I need to also thank Asiwaju who saw through their plans and drew the attention of the President.
TRUE
The three governors went to court for their selfish reasons not for the general interest of Nigeria.
Extending the deadline of old notes usage is not really the problem we are facing right now. The availability of the new notes is the major problem. Giving life to the old notes will favour those who still has them in large quantity.
Sit-down properly! you hypocrise has any of them protest on any of the above mentioned by Isamah
10 is the deadline we are ok with it …money is going into banks now …so we must stand on that 10 no going bank
See our country
Let me believe that you don’t understand what you are writing here, which of the governor are you talking about fighting insecurity in northern part?
Any policy no matter how well intended is draconian once it negatively affects the same people it is supposed to be helping.Moreso, to the point where it claims the lives of the so called beneficiaries. Must people slump and die in banking halls,die on theatre tables, emergency wards,strip naked in bank halls to mention but a few.Parents are at their wits end as to how the next meal will come. The list goes on and on. This policy is very close to being called an abysmal failure if not well handled immediately considering the proximity to the general elections around the corner.Borrowing a leaf from HE Good luck Jonathan,” no policy is worth the blood/life of a single Nigerian”.
If you don’t understand grammar, pls quite.
Those governors are trying to make easy the situation..
Federal government and CBN please don’t extend this. The more you guys keep extending, the less new notes we see in circulation
While I appreciate the intervention of the Governors, I want a further action taken to minimize our plight at this time. CBN and the banks are destroying the economy with cash scarcity. POS cannot get more than N20,000/day, sometimes only N10,000. So we pay N200 to N300 to get N1000, what we used to pay for N15,000. Somebody need to stop CBN before they killed off the major part of the poor masses.
For tinubu sake not Nigerian
CBN should have wait after the election before implementing such order bcus what I perceive na is that instead of reducing the vote buy by those leaders and politician who don’t have faith in nigerians for voting for them without putting money in their pocket,CBN is increasing the buy vote in February 25 election. CBN don’t expect nigerians who have money in their bank acct but couldn’t get hold of their money to reject one when they see it. Bcus in life one must stay alive to live and for u to live u need money and food. That is the basic truth
CBN should have wait after the election before implementing such order bcus what I perceive na is that instead of reducing the vote buy by those leaders and politician who don’t have faith in nigerians for voting for them without putting money in their pocket,CBN is increasing the buy vote in February 25 election. CBN don’t expect nigerians who have money in their bank acct but couldn’t get hold of their money to reject one when they see it. Bcus in life one must stay alive to live and for u to live u need money and food. That is the basic truth
I appreciate the effort of these three Governors and BAT and especially the judiciary for heeding to the cries of the masses sufferings, that is we will not all die before we see succour.
Nice comments, insults is not the solution for now. ALL we need now is prayers, encouragement and good dialogue. This one will help our youths and develop we country Nigeria Tnx.
I actually thought the president don’t accept court judgement, if he does, it will surprise me, b/cos our brother is still with DSS after the supreme court judgement. Up Nigeria.
The apex bank should consider the peculiarities and household and states,especially partaining to financial inclusion of underserved location. And economic and security implications to the country
I want to appreciate the intervention of the concerned state govts and the judiciary for coming to the aid of the suffering masses.
I agree with supreme Court, tell buhari and CBN to stop banned old note
I could not pay my school fee due to scarcity of Naira,
The withdrawal policy should be addressed first… At least let us be able to access cash
Both old and new 200,500,1000,naira note be talking off or abolish, it’s causes inflation more naira note are stored at home.there should be more online stuff etc.
The judiciary is endangering the lives of the citizens by prolonging the date of the note… Politicians have bought the judiciary system.
Everyone knows that several political moves are involved in every single occurrence in Nigeria. The Governors have done well because the action correspond their interest. Furthermore, the people complaining about their actions are also doing so in correspondence to their own interests as well. The truth is that, we commoners are caught in between party interests of the political elites and their surbodinates. In politics, there is neither permanent enemy nor permanent friend, just permanent interest. Conclusively, the currency redesign policy is not favoring the masses as of the current situation. But, the political elites will benefit more if the policy is suspended.