Newsbreak: Supreme Court Stops CBN Plot To Interfere In Presidential Elections

Newsbreak: Supreme Court Stops CBN plot to interfere in Presidential elections

Apex Court brings relief to Nigerians, halt CBN inflicted pains

By Joseph Olugeh

The highest court in the land, the Nigerian Supreme Court has halted plans by the Central Bank of Nigeria, CBN to impose February 10 deadline for the use of old Naira notes.

The CBN gave the deadline after collecting over 2.7 trillion from Nigerians, poor and rich and at the same time robbing them of access to new and old notes.

Experts told Irohinoodua that the CBN action was the first time the Apex Court will be interfering in Presidential elections against global norms

By implication, the Supreme Court has extended the deadline, gave Nigerian the opportunity to spend and receive old notes, since the new notes have deliberately been made scarce by the CBN in what is considered a politically motivated plot to scuttle the victory of a certain Presidential candidate come February 25 Presidential election

The CBN Governor who sought to contest the Presidential election while still in office was believed to have been used as a pun by a powerful group of people motivated by parochial desires.

On Wednesday, the
Supreme Court temporarily halted the move by the Federal Government and the CBN.

The intervention of the Supreme Court is believed to be an attempt to save democracy and prevent a clear and present danger.

Led by Justice John Okoro, the seven man panel halted the CBN plot.

The exparte application was brought by three northern states of Kaduna, Kogi and Zamfara which applied for an order of Interim Injunction restraining “the f
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”.

Their counsel, Mr A. I. Mustapha (SAN), urged the Supreme Court to grant the application in the interest of justice and the well-being of Nigeria.

He told the Court that the CBN Policy brought “excruciating situation that is almost leading to anarchy in the land”.

The applicants counsel made reference to the Central Bank of Nigeria’s (CBN) statistics which says 60 percent of Nigerians font have Bank accounts.

Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.

In his ruling, Justice Okoro, said after a careful consideration of the motion exparte the 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”.

The case has been adjourned to February 15, 2023 for hearing of the main suit.