Naira notes: Businesses crippled as cash crunch persist despite Supreme Court order

Despite the Supreme Court order extending the deadline for old Naira notes to remain in circulation, businesses and other economic activities are still suffering a setback as the cash crunch continues to ravage the nation.

Track News reports that the Supreme Court had on Wednesday temporarily halted the move by the Federal Government and the Central Bank of Nigeria to ban the use of the old naira notes with effect from February 10, 2023.

The order from the appellate court followed the unfortunate riots in several parts of the country emanating from the non-availability of the newly redesigned Naira notes.

Recall that the CBN had fixed January 31st as the deadline for the exit of the old Naira notes (N200, N500 and N1,000) but the apex bank later bowed to pressure and extended the swapping period to February 10.

Some state governors elected under the platform of the All Progressives Congress APC who alleged that the CBN policy was targeted against the party’s presidential candidate, Bola Tinubu dragged the Federal Government to court.

The governments of Kogi, Kaduna, and Zamfara States last week, filed a lawsuit before the Supreme Court, seeking a restraining order to stop the FG from executing the February 10 deadline.

Ruling on Wednesday on the matter, the Supreme Court in a seven-member panel led by Justice John Okoro halted the move by FG and the CBN to end the circulation of old Naira notes across the country.

The matter was, however, adjourned to February 15, 2023, for hearing of the substantive suit.

Track News, however, gathered on Saturday that the extension is yet to make any difference in the difficulties faced by Nigerians while making efforts to get cash and save their businesses from crumbling further.

Some Point of Sale (POS) shops have remained closed over lack of cash. A check by TrackNews in many parts of the Federal Capital Territory, FCT Abuja revealed that several ATMs are also not dispensing cash.