On Wednesday, February 8, the Supreme Court temporarily stopped the Federal Government’s plan through the CBN to ban the use of the old naira notes as of February 10, 2023. The temporary ban had been implemented by a seven-member panel led by Justice John Okoro in an exparte application ruling brought by the three northern states of Kaduna, Kogi, and Zamfara.
The recent deadline extension for the currency swap announced by the CBN has pitted Governors Nasir El-Rufai of Kaduna, Yahaya Bello (Kogi), and Bello Matawalle (Zamfara) against 14 other political parties which had threatened to boycott the presidential elections should the CBN extend the time limit.
The temporary order was handed down on Monday, February 6 by Justice E. Enenche after an application by four political parties but the application had been moved on Wednesday, February 8, by the counsel to the applicants, Mr. A. I. Mustapha, SAN, who had urged the court to grant the application in the interest of justice and Nigerians Meanwhile, the three governors, who had dragged the CBN and the Federal Government to the Supreme Court are seeking a stop to the complete implementation of the naira redesign policy proposed by the apex bank.
