WED. 08 FEB, 2023-theGBJournal| The Supreme Court of Nigeria Wednesday dealt a huge blow to the Central Bank of Nigeria’s (CBN) plan to stop the use of the N200, N500 and N1000 old Naira notes by February 10.
A seven-man panel of Supreme Court led by Justice John Okoro ruled in favor of an exparte application by brought by Kaduna, Kogi and Zamfara States to suspend the deadline, and temporarily suspend the deadline.
The Court said it is suspending the time frame pending the hearing and determination of their motion on notice for interlocutory injunction.
Moving the application, counsel to the applicants, Mr A.I Mustapha, SAN, had urged the Supreme Court to grant the application in the interest of justice and the well-being of Nigeria. He argued that ‘’the policy of the government on the Naira deadline has led to an excruciating situation that is almost leading to anarchy in the land.’’
He further argued that unless the Supreme Court intervenes, the situation will lead to anarchy because most banks are already closing operations.
Justice Okoro said the decision is ‘’granted’’ following ‘’careful consideration of the motion of the application’’- (brought by the three Northern States.)
He accordingly adjourned the case until February 15th, five days after the CBN’s scheduled deadline, for the hearing of the main suit.
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