The Supreme Court postponed its decision in the new naira policy suit until March 3, 2023, on Wednesday.
With the apex court’s decision, Nigerians, particularly consumer and business groups, and professional and trade unions, will have to wait for a favourable judgment (today) that they hope will alleviate their suffering.
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. Still, the Central Bank of Nigeria refused to change the deadline.
The injunction followed suit filed on February 3 by the governments of Zamfara, Kogi, and Kaduna against the Attorney-General of the Federation.
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 Originating Summons.
He also claimed 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 originating summons and seven of the reliefs sought relating to the CBN.
He claimed that Nigerians were already rejecting old notes in response to the President’s directive.
Agabi also claimed that by asking Nigerians to deposit their old naira at CBN-designated locations, the president was complying with the court order and that Buhari has the constitutional authority to veto any legislation.
Details to follow…