The Nigerian Supreme Court of Nigeria has decided that they would no longer ban the old naira notes on the 10th of February 2023 (just 48 hours before the previously announced date).
The ruling was issued after Nigerian states like Kaduna, Kogi, and Zamfara had issued complaints to
the government, regarding the scarcity of new naira notes. These states had initially applied for an order
of Interim Injunction which would disrupt the plans of the Nigerian government, to ban old naira
currency after the 10th of February 2023.
The Nigerian Supreme Court Judgement
The supreme court had been urged by Mr. A.I Mustapha SAN (counsel to the applicants), that the application be granted to avoid the current state of confusion the average Nigerian finds themselves in. They hope proper circulation of cash and better trade in the market will begin soon.
It was also revealed that according to Central Bank of Nigeria statistics, 60% of Nigerians, do not own a bank account and 40% of Nigerians with bank accounts, are unable to access their cash due to the state of chaos in the government and the banking industry.
The Federal Capital Territory (FCT) High Court initially blocked the CBN, the president, and about 27 commercial banks, from interfering with the termination of old 200, 500, and 1000 naira notes on the 10th of February 2023. About 13 political parties have also threatened to pull out from the February 25 and March 11, 2023, general elections, if CBN or the government decided to interrupt with the termination of old currency at the announced deadline of February 10, 2023.
Conclusion
There is confusion in the air, as several states are dragging the federal government to court in an
attempt to compel both the government and CBN from implementing the policy, putting into consideration,
political parties who are threatening to withdraw their support from upcoming elections in case
the termination of old naira notes does not take place as announced previously by the Nigerian
government.
Now the Supreme court seems to have somewhat taken a stand, by postponing the deadline for the swap
of old Naira currency.
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