Supreme court blocks CBN from stopping use of old naira notes

The Supreme Court in Nigeria has temporarily blocked the federal government’s plan to ban old naira notes.

The ban was set to come into effect on February 10, 2023, but has been put on hold after a ruling from a seven-member panel led by Justice John Okoro.

The ruling came in response to an exparte application filed by three northern states – Kaduna, Kogi, and Zamfara.

The states argued that the government’s policy was causing chaos and leading to an almost anarchic situation.

A Central Bank of Nigeria report showed that over 60% of Nigerians do not have bank accounts, and those who do are unable to access their money due to the policy.

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Counsel to the applicants, Mr A. I. Mustapha, SAN, argued that the Supreme Court’s intervention was necessary to prevent the situation from spiraling out of control. The main suit will be heard on February 15, 2023.

More details later…