Latest On Naira Swap As Supreme Court adjourns Case To March 3 for Judgement


Shina J.O

The Supreme court of Nigeria has adjourned the suit by state governments on the Naira Policy banning the use of old N200, N500, and N1000 notes.

The seven man panel lead by Justice John Okoro adjournes after taking submissions of all the lawyers in the suit.

At the beginning of the proceedings on Wednesday, the court decided to consolidate the suit filed by Rivers States to join in the matter.

The Attorney General of Lagos State had earlier called the attention of the court to the contempt proceeding against the AGF before it stating that the matter can not go on.

The apex court then decided that it will hear all processes filed on the matter as they are wiling to conclude in the matter as soon as possible.

After a short recess, the court decided to also join Abia, Jigawa, Kano, Niger, and Nasarawa states. making it a total of 16 States who are the plaintiffs in the suit.

The counsel for the Kaduna and Kogi states, Abdulhakeem Abubakar in replying the preliminary objections filed by the defendants urged the court to dismiss the request of the defendants in the suit.

The counsel for Zamfara while sitting section 17(2) of the constitution urged the court to set aside the the pronouncement of President Buhari, that the old N200 note remain legal tender, banning the use of old N500 and N1000 notes.

The attorney general of Lagos state Moyosore Onigbanjo told the court that they filed an originating process Prohibiting the defendants and it’s counsel from been heard by the court until they comply with the order made by the court on 8 Feb 2023.

Other plaintiff’s in the suit adopted and aligned themselves with the submission of their co-plaintiffs.

The counsel for the federal government Kanu Agabi said they have filed a memorandum of conditional appearance and also a motion on notice dismissing the plaintiffs form 48 on contempt of the court against the AGF.

While making his submissions, Agabi started that since the suit instituted are on grounds of the provision of section 20(1) of the CBN act, the Supreme Court has no jurisdiction to entertain the suit.

While stating that the the plaintiffs mentioned CBN 32 times in their process before the court, be urged them to bring the CBN into the matter.

Agabi also stated that none of the Attorney’s general brought the suit on behalf of the citizens of their states but rather for themselves, having not named anyone who is in peril regarding the Policy.

He therefore urged the court to dismiss the suit.

The counsel for Bayelas and Edo, aligning themselves with the federal government are also challenging the plaintiffs form 48 on contempt of the court against the AGF.

Kano, Jigawa and Nasarawa, who were joined as plaintiffs in the suit are specifically challenging the pronouncement of President Buhari without the consent of the federal executive council and National economic council of stated and other relevant bodies.

After listening to the submissions of the lawyers the Apex court adjourned to

The Supreme court had ordered that the CBN to desist from going ahead with the February 10 deadline for these naira notes to remain legal tender.

Seven States joined the initial 3 states who are praying 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.

Bayelsa and Edo seem not to be on the same page with the Ten states as they have joined the federal government as defendants in the suit.

Although President Mohammadu Buhari after the the last sitting made a procurement allowing the 200 naira notes circulate while the N500 and N1000 remain legal tender.

However Kogi, Kaduna and Zamfara, have initiated contempt proceedings against the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, and the CBN at the Supreme Court, following his alleged refusal to comply with the order that extended the deadline for the use of the old N200, N500 and N1000 banknotes as valid legal tenders.


Published by daranetworktv

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