THE Supreme Court, on Wednesday, February 8, temporarily stopped the move by the Federal Government, through the Central Bank of Nigeria (CBN), to outlaw the use of the old naira notes as legal tender from February 10.
A seven-member panel, led by Justice John Okoro, punctured plans by the federal government to stop the use of the old notes while ruling in an exparte application brought by three northern states- Kaduna, Kogi and Zamfara.
It will recalled that the February 10 deadline for the currency swap announced by the CBN pitted Governors Nasir El-Rufai (Kaduna), Yahaya Bello (Kogi) and Bello Matawalle (Zamfara) against 14 political parties, who threatened to boycott the February 25 presidential election should the CBN extend the time limit.
This is even as a High Court of the Federal Capital Territory (FCT) on Monday, February 6, restrained President Muhammadu Buhari, CBN, its Governor, Mr. Godwin Emefiele, and 27 commercial banks from suspending, stopping, extending or interfering with the currency swap terminal date.
The lower court order by Justice E. Enenche followed an application by four political parties on behalf of the others.
But the three governors, who dragged the CBN and the Federal Government to the apex court, are seeking a halt to the full implementation of the naira redesign policy initiated by the apex bank.
