The Supreme Court issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes on the Friday February 10, 2023 deadline.
Kaduna, Kogi, and Zamfara States have taken legal action against the Federal Government and the Central Bank of Nigeria (CBN) at the Supreme Court over the shortage of old and new Naira notes caused by the CBN’s currency redesign policy. The state governments claim the policy is causing hardship for their residents and are seeking a restraining order from the Supreme Court to prevent its implementation.
Represented by their lawyer AbdulHakeem Uthman Mustapha (SAN), the states filed an ex-parte motion and are requesting an interim injunction from the Supreme Court to stop the Federal Government and the CBN from ending the use of the old 200, 500, and 1000 Naira denominations on February 10, 2023.
According to Mustapha, the redesign policy is causing difficulties and losses for the citizens of Kaduna, Kogi, and Zamfara due to the insufficient time for exchanging old notes for new ones. The states also stated that there is a shortage of new Naira notes and that depositors of old notes are struggling to access new ones for their daily needs.
The states believe the ten-day extension by the Federal Government is not enough to resolve the challenges faced by citizens swapping their old Naira notes and are seeking intervention from the Supreme Court. The case has been adjourned until Wednesday, February 15, 2023.