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Why Supreme Court Halt Ban On Old Naira Notes —Ozekhome
Mike Ozekhome, a nigerian lawyer and Senior Advocate, has shed light on the recent Supreme Court ruling that temporarily blocks the Federal Government from enforcing the Central Bank of Nigeria’s (CBN) ban on the use of old N200, N500 and N1,000 banknotes as legal tender in the country.
During a Wednesday night appearance on Channels Television, Ozekhome stated that the Supreme Court’s decision was only a pause on the implementation of the deadline, and that the court had yet to make a final determination on the matter.
The Supreme Court issued this ruling to prevent the lawsuit from being cut short.
Explaining the development, Ozekhome said, “The Supreme Court has not decided the matter. All it has done is to fall back to a decision like Kotoye vs CBN, that in matters of extreme urgency, you can grant an interim order, even if it be an ex-parte, to prevent the subject matter of the suit being truncated.
“If, for example, the Supreme Court, did not make that order, and the only order existing is that of the High Court, it means that the CBN, by 10th of this month, will stop the use of all old notes.
“But what the Supreme Court has said is, ‘Just wait, let us listen to you people,’ not that it has decided that Zamfara, Kogi and Kaduna states have any valid case that is actionable because the action is already being challenged with a preliminary objection.
On Wednesday, a seven-judge panel of the Supreme Court, headed by Justice John Okoro, granted a temporary injunction in a unanimous decision, preventing the Federal Government from implementing the CBN’s February 10 deadline for swapping old banknotes for new ones.
This ruling was a result of a motion filed on behalf of three northern states – Kaduna, Kogi, and Zamfara – who sought to stop the implementation of the CBN’s policy on February 3rd. The motion was filed as part of a lawsuit against the CBN’s policy.
Ozekhome further explained that when a matter is being considered by the Supreme Court, other lower courts are prohibited from intervening.
“Notwithstanding the fact that a high court or Federal High Court had granted an order telling the CBN, ‘You can stop this naira swap policy on the 10th of February as you have decided to do’, the Supreme Court today said, ‘Hello? Don’t do that! Allow it to continue. Come back on the 15th of February and let us hear you people,’” he added.
Ozekhome further explained that the Supreme Court’s ruling allows both old and new naira banknotes to be in circulation simultaneously.
He emphasized that the decision of the Supreme Court will not only impact the three state governments that brought the lawsuit against the Federal Government, but it will also affect all states in the country and their respective attorney generals.
Peter Obi, the Labour Party’s (LP) presidential candidate in the 2023 general election, has urged party members to stand strong and united as Nigeria faces a crisis.
Speaking at the ongoing National Executive Council (NEC) meeting in Abuja, Obi highlighted the urgent need for national rescue, calling attention to the country’s ongoing struggles.
Obi did not mince words about the state of the nation, stressing that Nigeria is heading towards collapse.
READ MORE: Peter Obi In High-Level Meeting With Gov Bala Mohammed
He encouraged party members to speak up, no matter the opposition they may face.
“Do not fear anybody. Those who were afraid yesterday didn’t do any better,” Obi told the gathered party members. “We must speak out when things are going wrong. Nigeria is collapsing. The numbers are clear; the indices are clear—people are getting poorer every day.”
The former governor of Anambra State also stressed the importance of party unity and inclusiveness. He made it clear that the Labour Party’s direction is about collective choice, not individual preferences.
“Labour Party has chosen to be a family, and we must do everything as a family. It’s not about Peter Obi’s choice; it’s everyone’s choice. This family excludes no one. We want to build a party that is fair and just,” he said.
Looking forward, Obi outlined the party’s vision for the upcoming elections, emphasizing the need for preparation and a focus on selecting the most competent candidates for all political offices.
“We want to go into the next election fully prepared, offering Nigerians the best and most competent candidates for the House of Representatives, the Senate, Governorships, and the Presidency,” Obi stated.
He also called for a stricter focus on loyalty and competence from anyone seeking to run under the Labour Party banner. Obi noted that only committed party members with the necessary capabilities should be considered as candidates.
“We want to correct the mistakes we made in the past. Anyone seeking to contest under our party must be a committed member, not just someone passing through. They must be competent,” he said.
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Read Also: On SYNLAB Nigeria’s Secured Patient Portal, Test Result Delivery’s Safe Alternative
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Read Also: Celebrating 20 Years of Excellence: SYNLAB Nigeria’s Journey in Diagnostics Care
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Human rights activist Omoyele Sowore and several legal practitioners on Monday escorted a Lagos-based National Youth Service Corps (NYSC) member, Ushie Uguamaye, popularly known as Raye, to the office of her Local Government Inspector (LGI) after she was summoned for a viral video criticizing President Bola Tinubu’s administration.
Raye had gained widespread attention after posting a video on her TikTok account, #talktoraye, in which she lamented the country’s worsening economic crisis and blamed President Tinubu for the hardship faced by Nigerians.
She further described the president as a “terrible leader.”
READ ALSO: You Have No Right To Stop Me – Sowore Battles Police, EFCC At Court Entrance
In a subsequent video, Raye claimed that NYSC officials had begun to threaten her following her public outbursts.
She was then summoned to appear at the NYSC office in Eti-Osa, Lagos, for questioning on Monday.
However, Sowore, alongside legal practitioners including Festus Ogun, Yinka Oyesomi, and Justice Ojienoh, accompanied Raye to the NYSC office in a show of solidarity.
According to an update shared by Sowore on his official X handle, the NYSC officials failed to show up for the meeting.
“We arrived at the Eti-Osa LGI offices of the @officialnyscng with youth corper, Ushie Rita Uguamaye, in Lagos. She was scheduled to appear before the LGI today, and we escorted her to their offices with attorneys.
@mrfestusogun, @yinka_oyesomi, and @justiceojienoh, but the LGI official had absconded, failing to show up throughout our stay,” Sowore posted.
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