President Muhammadu Buhari
All eyes on Supreme Court as it rules on naira swap case today
All eyes re now on the Supreme Court as it rules on the substantive case brought to it by three states government against the Federal Government and Central Bank of Nigeria (CBN) over the deadline for old naia notes swap.
Recall that three the states including Kaduna, Kogi and Zamfara had gone to the Supreme Court, through their Attorneys-General to invoked the original jurisdiction of the apex court to intervene in the matter.
They told the court that residents in their respective states had suffered untold hardship, owing to scarcity of the redesigned naira notes.
They therefore, asked the apex court to stop the defendants from implementing the February 10 deadline for the currency swap and based on their request, the apex court on February 8, restrained the defendants pending its decision on the substantive case.
While hearing the case , a seven-man panel of the apex court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the Federal Government, the CBN, and commercial banks from implementing the Friday terminal date for the old naira notes.
The apex court is set to hear the substantive case in the suit filed by some state governors, Wednesday , 15 February.
But Emefiele on Tuesday told journalists that there was no need for the shift of the February 10, 2023, deadline for the swap of the currency notes during a visit to the Ministry of Foreign Affairs.
The CBN Governor who was at the Ministry of Foreign Affairs to discuss the monetary and currency redesign policy of the bank said the problem of naira scarcity that accompanied the currency redesign policy is easing off.
He said, “The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.
“There is, therefore, no need to consider any shift from the deadline of February 12.”
The CBN Governor added that Point of Sale agents who charge above N200 as commission for cash swap will be arrested and jailed when caught.
Emefiele added that the PoS operators can come to the CBN to be compensated for any extra cost incurred in getting the new notes rather than charging a higher fee on customers.
