• Contact Us
  • About Us
Wednesday, February 8, 2023
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
Home Breaking

Supreme Court Temporarily Halts Banning of Old Naira Notes

metro by metro
February 8, 2023
in Breaking, News
0
Supreme Court Temporarily Halts Banning of Old Naira Notes
0
SHARES
0
VIEWS

The Supreme Court on Wednesday temporarily halted the 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.

Read Also

IPMAN Makes U-Turn

Buhari meets Emefiele, Nigerian Governors Over Naira Scarcity As Protest Against Hardship Spreads 

Citing Losses, Petrol Marketers Suspend Sale Of Fuel At All Filling Stations

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.
ALSO READ:Buhari meets Emefiele, Nigerian Governors Over Naira Scarcity As Protest Against Hardship Spreads 
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.

Previous Post

IPMAN Makes U-Turn

Related Posts

Citing Losses, Petrol Marketers Suspend Sale Of Fuel At All Filling Stations
Breaking

IPMAN Makes U-Turn

February 7, 2023
Buhari meets Emefiele, Nigerian Governors Over Naira Scarcity As Protest Against Hardship Spreads 
Breaking

Buhari meets Emefiele, Nigerian Governors Over Naira Scarcity As Protest Against Hardship Spreads 

February 7, 2023
Citing Losses, Petrol Marketers Suspend Sale Of Fuel At All Filling Stations
Breaking

Citing Losses, Petrol Marketers Suspend Sale Of Fuel At All Filling Stations

February 7, 2023
516 Illegal Immigrants Arrested In Kaduna, Over 1,000 PVCs Recovered
News

516 Illegal Immigrants Arrested In Kaduna, Over 1,000 PVCs Recovered

February 7, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Supreme Court Temporarily Halts Banning of Old Naira Notes

Supreme Court Temporarily Halts Banning of Old Naira Notes

February 8, 2023
Citing Losses, Petrol Marketers Suspend Sale Of Fuel At All Filling Stations

IPMAN Makes U-Turn

February 7, 2023
Buhari meets Emefiele, Nigerian Governors Over Naira Scarcity As Protest Against Hardship Spreads 

Buhari meets Emefiele, Nigerian Governors Over Naira Scarcity As Protest Against Hardship Spreads 

February 7, 2023
ADVERTISEMENT
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version