New Naira: Supreme Court Fixes March 3 For Judgement
The Supreme Court has adjourned judgement in the new naira policy suit to March 3, 2023.
With the apex court’s decision, Nigerians, especially consumer and business groups as well as professional and trade unions looking up to the apex court for a favourable judgment (today) that they expect will ameliorate their suffering, will have to wait.
The Supreme Court had on February 8 restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones, but the Central Bank of Nigeria refused to shift the deadline.
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The injunction was a sequel to a suit filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation on February 3.
Other states including Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River have also joined the suit as co-plaintiffs.
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 the CBN to court as a respondent despite referring to the apex bank 32 times in their originating summons and even though seven of the reliefs sought to relate to the CBN.
He asserted that Nigerians were already turning down the old notes after the President’s directive.
