A coalition of civil rights organisations (CSOs) have kicked against the Supreme Court Judgement that suspended the new naira note policy. The CSOs noted that the judgement is a setback for a cashless economy.
The News Chronicle earlier reported that the Supreme Court of Nigeria temporarily suspended the CBN’s new currency policy and extended the deadline for the currency swap beyond February 10, 2023.
This development is coming a day after Kaduna, Zamfara and Kogi State governments instituted a suit against the Federal Government and the CBN noting that the policy is causing more hardship for Nigerians.
The three state governments through their lawyer AbdulHakeem Mustapha (SAN) secured an ex-parte injunction.
Moving the application on Wednesday, Abdul Hakeem Mustapha, SAN, urged the court to grant the application in the interest of justice and Nigerians.
The senior advocate argued that the policy had led to an “excruciating situation that is almost leading to anarchy in the land”.
It would be recalled that a Justice of the High Court of the Federal Capital Territory, Justice Okoro had earlier restrained President Muhammadu Buhari, CBN, its Governor Godwin Emefiele and 27 commercial banks from suspending, stopping, extending or interfering with the currency swap terminal date.
Justice Okoro held that “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 an interlocutory injunction”.
He, however, adjourned to February 15, 2023, for a hearing of the main suit.