[BREAKING] NEW NAIRA: SUPREME COURT SET MARCH 3 FOR FINAL DECISION
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By Adeniyi Onaara
The Supreme Court postponed its decision in the new naira policy dispute until March 3, 2023, on Wednesday.
With the top court’s ruling, Nigerians, particularly consumer and business groups, as well as professional and trade unions, will have to wait for a favorable judgment (today) that they hope will alleviate their pain.
The Supreme Court stayed the Federal Government’s implementation of the February 10 deadline for exchanging old naira notes for new ones on February 8, but the Central Bank of Nigeria declined to change the deadline.
The injunction followed a suit filed by the governments of Zamfara, Kogi, and Kaduna against the Attorney-General of the Federation on February 3.
Other states that have joined the suit as co-plaintiffs include Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun, and Cross River.
Kanu Agabi, counsel for the Federal Government, stated during oral arguments on Wednesday that the Supreme Court determined that all reliefs are based on Section 20 of the CBN Act.
He contended that the Supreme Court lacks jurisdiction to hear the case because the action cannot begin with an Initial Summons.
He further said that the plaintiffs did not see fit to bring the CBN to court as a respondent despite mentioning the apex bank 32 times in their original summons and seven of the reliefs sought relating 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.
Details later…
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