{"id":68992,"date":"2023-02-08T11:00:22","date_gmt":"2023-02-08T10:00:22","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=68992"},"modified":"2023-02-08T11:08:14","modified_gmt":"2023-02-08T10:08:14","slug":"old-naira-supreme-court-suspends-cbns-feb10-deadline","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/old-naira-supreme-court-suspends-cbns-feb10-deadline\/","title":{"rendered":"Old Naira: Supreme Court Suspends CBN\u2019s Feb10 Deadline"},"content":{"rendered":"<div align=\"left\">\n<p dir=\"ltr\">The Supreme Court, Wednesday, restrained the Federal Government from enforcing the February 10 deadline for the use of N200, N500 and N1000 old Naira notes.<\/p>\n<\/div>\n<div align=\"left\">\n<p dir=\"ltr\">The apex court, in a unanimous decision by a seven-member panel, halted the<br \/>\nfull implementation of the demonetisation policy of the Central Bank of Nigeria, CBN.<\/p>\n<\/div>\n<p dir=\"ltr\">The ruling followed a suit that was filed by three Northern States; Kaduna, Kogi and Zamfara.<\/p>\n<p>The three states had specifically applied for an order of Interim Injunction restraining \u201cthe 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\u201d.<\/p>\n<p>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.<\/p>\n<p>He stated that the policy of the government had led to an \u201cexcruciating situation that is almost leading to anarchy in the land \u201c.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>While he referred to a Central Bank of Nigeria\u2019s (CBN) statistics which put the number of people who don\u2019t have bank accounts at over 60 percent, Mustapha lamented that the few Nigerians with bank accounts can\u2019t even access their monies from the bank as a result of the policy.<\/p>\n<p>The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations.<\/p>\n<p>Delivering ruling in the motion, Justice Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed, \u201cAn 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\u201d.<\/p>\n<p>He accordingly adjourned to February 15, 2023 for hearing of the main suit.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Supreme Court, Wednesday, restrained the Federal Government from enforcing the February 10 deadline for the use of N200, N500 and N1000 old Naira notes.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":54646,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17,624],"tags":[36],"coauthors":[2391],"class_list":["post-68992","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","category-politics","tag-cbn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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