BREAKING: Supreme Court Adjourns Judgement On Old Naira Notes Till After Presidential Election

The Supreme Court has fixed 3rd of March for judgement on the usage of the old naira notes.

Recall that the Supreme Court had on February 15 , adjourned hearing on the naira swap deadline fixed by the CBN.

The apex court, at the last proceedings, refused to give fresh orders against the CBN but directed protesting states to amend and streamline their processes into one and come on February 22 ( today) for hearing.

THE WHISTLER reported that the apex court had earlier granted an exparte motion filed by the governments of Kaduna, Kogi and Zamfara states seeking “an interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for an interlocutory injunction”.

But the Attorney-General of the Federation (AGF), Abubakar Malami, SAN, had filed a preliminary objection against the suit, urging the apex court to decline jurisdiction, adding that the OAGF was not the right person to be sued.

The plaintiffs later told the court in their processes, that the federal government did not comply with its first ruling on its exparte motion, having not directed the usage of the old currencies.

Katsina, Lagos, Cross River, Ogun, Ekiti, Ondo and Sokoto states were joined as co-plaintiffs in the case while Bayelsa and Edo states later joined the AGF as respondents.

For Rivers and Kano states, they filed separate suits before the apex court saying they are challenging the withdrawal limits imposed by the CBN.

At the resumed date of hearing, the first and second plaintiff’s (Kaduna and Kogi states) counsel, Abdulakim Mustapha SAN, urged the court to dismiss the preliminary objection of the defendants.

The third plaintiff, Zamfara State also asked the panel to set aside a directive issued by the president on the old N200 notes on 16th February after the court’s last sitting amid its ruling.

For Lagos state, its AG Moyosore J. Onibanjo SAN argued that he filed a motion on notice seeking for an order of the court prohibiting the AGF from being granted audience before this court until his principal, the president comply with the order made on 8 February which directed that old notes still remains legal tender pending the determination of the case.

He contended that the policy being implemented by the CBN and commercial banks have affected the government ability to carry out its constitutional functions in the state.

In a separate application, the AG Rivers State, Emmanuel Ukala SAN, urged the court to set aside the entire naira swap policy of the federal government for being allegedly unconstitutional.

For the AGF, T.A Gazali SAN disagreed with the notion put forward by Rivers state, insisting that it should be dismissed.

The Kano State government’s lawyer, Sanusi Musa SAN, accused the president of sidelining the National Economic Council which includes governors and members of the Federal Executive Council, before arriving at his decision on the policy.

He added that it was unconstitutional for the policy to be framed by Buhari and the CBN alone without alleged consultations with state governors.

Again, Gazali urged the court to dismiss the plaintiffs application.

After hearing them, the seven-man panel of the apex court, led by Justice John Okoro, fixed March 3 for judgement.