Naira redesign case adjourned at Supreme Court

The suit challenging the naira denominations redesign which was filed by Kogi State governor, Yahaya Bello, Kaduna and Zamfara governors has been adjourned by the Supreme Court on Wednesday in Abuja.

The Apex Court adjourned the matter rill. February 22, 2023 for hearing amid scarcity of banknotes in the nation.

Earlier in the morning, the appealant governors and large number of lawyers were present at the Supreme Court to witness proceedings.

CAPITAL POST earlier reported that the Central Bank of Nigeria has fixed February 10, 2023 as deadline for the lifespan of old naira notes, but was suspended by the Supreme pending hearing of the substantive suit.

The denominations in contention are N1,000; N500 and N200 notes.

It was observed that the Central Bank has ordered commercial banks and other financial institutions to reject accepting the old notes, thereby created acute scarcity of the currencies.

This was sequel to the brief by the Branch Controller of the Central Bank of Nigeria (CBN), Bauchi, Haladu Idris Andaza at a press conference on Monday at the CBN, branch in Bauchi.

The states had sought for a declaration that the Demonetization Policy of the Federation being currently carried out by the CBN under the directive of President Muhammadu Buhari is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.

They also asked the court to make a declaration that the three-month notice given by the FGN and the CBN under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old bank notes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that reasonable notice must be given before such a policy and that the limit cannot be outside that provided under Section Section 22(1) of the CBN Act 2007.
The Zamfara, Kogi and Kaduna states had instituted the suit against the Federal Government and the CBN.

Other states, namely Niger, Kano, Ondo, Ekiti, had also applied to be joined in the suit against the CBN and the Federal Government.

Court proceedings began with Justice John Okoro leading a seven-man panel.

He said the court should not lose sight of the case and its intention as it affects the suffering of Nigerians.

Lagos State, through its Attorney General, Moyosore Onigbanjo, also applied, seeking to be joined in the suit.

Bayelsa State, led by Damian Dodo, has also applied to be joined in the suit as a respondent. Similarly, Edo State applied to be joined as a respondent.