Supreme Court Adjourns Judgement in Naira Policy Suit to March 2023
The Supreme Court has adjourned judgement in the new naira policy suit to March 3, 2023, much to the disappointment of Nigerians, particularly consumer and business groups, professional and trade unions who were hoping for a favorable ruling.
On February 8, the apex court restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones. However, the Central Bank of Nigeria refused to shift the deadline, causing unrest among Nigerians.
The injunction was a result of 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, also joined the suit as co-plaintiffs.
During the hearing on Wednesday, counsel for the Federal Government, Kanu Agabi, argued that all reliefs were rooted in section 20 of the CBN Act. He also contended that the plaintiffs did not include the CBN as a respondent, despite referring to the apex bank 32 times in their originating summons, and even though seven of the reliefs sought relate to the CBN.
Agabi asserted that Nigerians were already turning down the old notes, in compliance with the President’s directive. He also stated that by asking Nigerians to deposit their old naira at the CBN-designated centers, the President was abiding by the court order and that Buhari is empowered under the constitution to veto any legislation.
With the Supreme Court’s decision, Nigerians will have to wait until March 3, 2023, to know the outcome of the suit. Many hope that the ruling will ameliorate their suffering and bring relief to the current economic situation in the country.
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