Laravel CLI fails to create new app due to Cannot use lexical variable $eventName as a parameter name

After successful installation of Laravel's install tool using composer using composer global require "laravel/installer" command, the first attempt to create an application by running laravel new app-name fails with the following output, any advice will be appreciated :)

Crafting application...
PHP Fatal error:  Cannot use lexical variable $eventName as a parameter name in /Users/ABN/.composer/vendor/guzzlehttp/guzzle/src/Event/Emitter.php on line 48
PHP Stack trace:
PHP   1. {main}() /Users/ABN/.composer/vendor/laravel/installer/laravel:0
PHP   2. Symfony\Component\Console\Application->run() /Users/ABN/.composer/vendor/laravel/installer/laravel:13
PHP   3. Symfony\Component\Console\Application->doRun() /Users/ABN/.composer/vendor/symfony/console/Application.php:126
PHP   4. Symfony\Component\Console\Application->doRunCommand() /Users/ABN/.composer/vendor/symfony/console/Application.php:195
PHP   5. Laravel\Installer\Console\NewCommand->run() /Users/ABN/.composer/vendor/symfony/console/Application.php:878
PHP   6. Laravel\Installer\Console\NewCommand->execute() /Users/ABN/.composer/vendor/symfony/console/Command/Command.php:259
PHP   7. Laravel\Installer\Console\NewCommand->download() /Users/ABN/.composer/vendor/laravel/installer/src/NewCommand.php:52
PHP   8. GuzzleHttp\Client->get() /Users/ABN/.composer/vendor/laravel/installer/src/NewCommand.php:125
PHP   9. GuzzleHttp\Client->createRequest() /Users/ABN/.composer/vendor/guzzlehttp/guzzle/src/Client.php:125
PHP  10. GuzzleHttp\Client->getEmitter() /Users/ABN/.composer/vendor/guzzlehttp/guzzle/src/Client.php:115
PHP  11. spl_autoload_call() /Users/ABN/.composer/vendor/guzzlehttp/guzzle/src/Event/HasEmitterTrait.php:15
PHP  12. Composer\Autoload\ClassLoader->loadClass() /Users/ABN/.composer/vendor/guzzlehttp/guzzle/src/Event/HasEmitterTrait.php:15
PHP  13. Composer\Autoload\includeFile() /Users/ABN/.composer/vendor/composer/ClassLoader.php:322