Skip to content Skip to footer

BREAKING: Supreme Court Adjourns New Naira Suit, Fixes March 3 For Judgement

The Supreme Court has adjourned until March 3, when it will deliver judgment in the suit challenging the naira redesign policy of the Central Bank of Nigeria (CBN).

The decision was taken by the seven-member panel of the apex court on Wednesday.

Six more states — Rivers, Kano, Niger, Jigawa, Nasarawa, and Abia — joined the suit when it came up for hearing. Which  brings the total of states to 16.

The suit was initiated before the Supreme Court by Kaduna, Kogi, and Zamfara states.

The states are seeking to restrain the federal government from giving effect to the deadline on the use of old N200, N500, and N1,000 notes.

On February 8, the supreme court restrained the CBN from giving effect to the deadline following an ex parte application brought by the three states.

Subsequently, several states approached the apex court to be joined in the suit.

While taking arguments on Wednesday, counsel for the Federal Government, Kanu Agabi, said the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act.

He argued that the apex court has no jurisdiction to hear the suit as the action cannot commence with an Originating Summons.

He also contended that the plaintiffs did not deem it fit to the CBN to court as a respondent despite making reference to the apex bank 32 times in their originating summons and despite the fact that seven of the reliefs sought relate to the CBN.

He asserted that Nigerians were already turning down the old notes way the President’s directive.

Agabi also asserted that by asking Nigerians to deposit their old naira at the CBN designated centres, the president was abiding by the court order and that Buhari is empowered under the constitution to veto any legislation.

Show CommentsClose Comments

Leave a comment