Feb 10 Deadline: Legal luminaries divided on S’Court ruling interpretation
Whereas relief may be underway for Nigerians following the Supreme Court’s ruling on Wednesday that temporarily halted the move by the Central Bank of Nigeria (CBN) to ban the use of the old naira notes from February 10, 2023.
Already, some lawyers are of the view that the deadline won’t change considering the filing error of not joining either the CBN or commercial banks as parties to this suit.
These lawyers further argued that the three state governments simply took advantage of the fact that in matters purely between the state and the FG, the Supreme Court can serve as a court of first and only instance.
Continuing, the lawyers rejecting the ruling averred that joining CBN in the matter would on the other hand, rob the Supreme Court of jurisdiction. Sadly, the attorney general cannot issue a binding order on the CBN governor, the CBN act didn’t contemplate such and the interim order is simply an academic attempt at grandstanding.
Besides, the CBN Act provides that only the apex bank is empowered by law to determine what is termed legal tender.
However, in a telephone interview, former chairman of NBA Ikeja Branch, former Vice President of NBA and human right lawyer, Dr Monday Onyekachi Ubani told Business Hilights in confidence that there is no need to join CBN in the suit as the apex bank is part of the Federal Government which is already a party.
He said the ruling stands as motion exparte which hearing will commence on February 15, 2023.
Recall that a seven-member panel led by Justice John Okoro, halted the move of the federal government in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three states had specifically applied for 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 interlocutory injunction”.
Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha, SAN, had urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.
He stated that the policy of the government had led to an “excruciating situation that is almost leading to anarchy in the land “.
While he referred to a Central Bank of Nigeria’s (CBN) statistics which put the number of people who don’t have bank accounts at over 60 percent, Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.
The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations.
Delivering ruling in the motion, Justice Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed, “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 interlocutory injunction”.
He accordingly adjourned to February 15, 2023 for hearing of the main suit.
