Naira redesign: Nigerians left hanging as supreme court adjourns till Feb 22

Naira redesign: Nigerians left hanging as supreme court adjourns till Feb 22

The supreme court has adjourned the hearing of the case brought against the Central Bank of Nigeria (CBN) on the naira redesign policy to Wednesday, February 22. Ten state governments are challenging the naira swap policy at the apex bank. The supreme court said its order suspending the implementation of the February 10 deadline on the old naira notes still subsists. Ruling on an ex parte application brought by three states: Kaduna, Kogi, and Zamfara, the supreme court, on February 8, restrained the CBN from giving effect to the deadline on the use of old notes. The states are arguing that the implementation of the policy has caused untold hardship for their indigenes. The federal government has also filed a preliminary objection to the suit, arguing that the supreme court lacks the jurisdiction to entertain the matter. The federal government also noted that the plaintiffs failed to join the CBN in the suit which has just the attorney-general of the federation (AGF) as the sole plaintiff. At the court session on Wednesday, Lagos, Katsina, Cross-River, Ogun, Ekiti, Ondo, and Sokoto states were represented in court and sought to be joined as co-plaintiffs in the suit. Bayelsa and Edo states also sought to be joined as respondents. In a short ruling, the apex court granted all the applications for joinder. The court directed the processes should be amended to reflect the states that have been joined as parties in the suit. Shortly before adjourning the matter, Abdulhakeem Mustapha who represented Kaduna, Kogi, and Zamfara, prayed the court to make an order directing the federal government to implement a deadline on the old notes. However, a seven-member panel of the apex court led by John Okoro, said the interim order of the court delivered on February 8 is still binding pending when the substantive suit is heard. “The interim order is pending the hearing on the motion on notice,” Okoro said.

Source: Naira redesign: Nigerians left hanging as supreme court adjourns till Feb 22

 - NigerianEye

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