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ADELANI ADEPEGBA
It added that the decision was taken during a bankers’ committee meeting in compliance with ‘the established tradition of obedience to court orders and sustenance of the rule of law.’ The directive signalled the end of the untold hardship faced by Nigerians for the past three months. In the three months, the battle against the CBN policy lasted, there was acute scarcity of cash across the country which resulted in riots, the destruction of businesses and property and the death of many citizens.
Before the barbarism provoked by the CBN policy played out, the governments of Kaduna, Zamfara and Kogi States had on February 3 dragged the Federal Government to the Supreme Court to challenge the policy. On February 8, the court in its wisdom restrained the FG from ending the legal status of the old naira notes on February 10 as announced by the CBN.
Okoro, after listening to the applicants’ lawyer granted the application as prayed, a decision he said his panel took after “a careful consideration.” The court, after issuing the order, adjourned until February 15 for a hearing of the main suit.
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