Supreme Court of Nigeria
Five more states challenge naira redesign policy at Supreme Court
Five more states have joined the suit challenging the naira redesign policy of the Central Bank of Nigeria (CBN) ,bringing the number of the states to 16 as the Supreme Court consolidated the suits instituted by the 10 state governments.
They are Kano, Niger, Jigawa, Nasarawa, and Abia states.
Rivers state had joined when all the suits were consolidated earlier on Wednesday. Given the new additions, there are now a total of 16 states as co-plaintiffs.
The suit was initiated by Kaduna, Kogi, and Zamfara before the supreme court, seeking to restrain the federal government from giving effect to the deadline on the use of old N200, N500, and N1,000 notes.
Recall that the Supreme Court had on February 8 restrained the CBN from giving effect to the deadline following an ex parte application brought by the three states.
Since then, other states approached the apex court to be joined in the suit.
Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, and Sokoto states subsequently joined as co-plaintiffs, while Edo and Bayelsa states joined the AGF as defendants.
At the court session on Wednesday, Emmanuel Ukala, representing Rivers, applied that the separate suit filed by the state should be consolidated with that filed by other plaintiffs.
The application was granted by a seven-member panel of the apex court.
The states are arguing that the implementation of the policy has caused untold hardship for Nigerians. The court is still in session to hear all the motions brought by the states.
Recall that the CBN had extended the deadline for the swap of old N200, N500, and N1,000 from January 31 to February 10 following complaints by many Nigerians but the Supreme Court, after a suit filed by the states, held that the Federal Government, the CBN, commercial banks must not continue with the February 10 deadline pending the determination of a notice in respect of the issue on February 22.
However, President Muhammadu Buhari, in a national broadcast last Thursday, directed the apex bank to release old N200 notes into circulation to co-exist with new N200, N500 and N1,000 banknotes for 60 days — by April 10, 2023. He also said old N500 and N1,000 banknotes cease to be legal tender in Nigeria.
There has been a flurry of reactions and stark criticisms against the President’s directive including from governors of his party, the All Progressives Congress (APC).
Governors Nasir El-Rufai (Kaduna), Abubakar Badaru (Jigawa), Rotimi Akeredolu (Ondo), Umar Ganduje (Kano); Speaker of the House of Representatives, Femi Gbajabiamila; Minister of State for Labour and Employment, Festus Keyamo; and many stalwarts of the ruling APC have openly censured and faulted the President’s directive, arguing that it has not grounds because the case is before the apex court.
Leading Senior Advocates of Nigeria like Femi Falana and Mike Ozekhome have equally faulted the President’s move, saying he cannot overrule the apex court of the land.
Also, three State Governors- Kaduna, Zamfara and Kogi have filed another suit against Malami, and the CBN Governor, Godwin Emefiele over contempt of court and their alleged failure to comply with the Supreme Court order on the old naira notes.
