If you still have the old 200, 500 and 1,000 Naira notes, you may throw caution in the wind and forget about spending it in a hurry.
In the midst of the troubles that go with getting old and new naira notes to spend, the Supreme Court is aligning with Nigerians.
On Wednesday, the apex court temporarily stopped the move by the Central Bank of Nigeria (CBN) to phase out the old naira notes from February 10, 2023.
In a ruling on an exparte application, Justice John Okoro, leading a seven-member panel, ordered that the ban on the old naira notes be lifted temporarily.
Anarchy In The Land
Three northern states – Kaduna, Kogi and Zamfara – brought the case to court against the CBN and the federal government.
The three governors, who dragged the CBN and the federal government to the Supreme Court, were seeking a halt to the full implementation of the naira redesign policy initiated by the apex bank.
Counsel to the applicants, Mr A. I. Mustapha, on Wednesday, urged the court to grant the application in the interest of justice and Nigerians.
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He argued that the policy had led to an “excruciating situation that is almost leading to anarchy in the land”.
Justice Okoro, after carefully considering 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.
By this adjournment, it means the old naira notes will remain in circulation until the court’s final ruling.