New Naira: Supreme Court set March 3 for judgment

CHIGOZIE IKPO, Abuja 

 

The Supreme Court of Nigeria has adjourned till March 3, for Judgement in a suit challenging the implementation of the New Naira Policy, which bans the use of the old N200, N500 and N1000 banknotes as valid legal tenders.

 

A seven-man panel of the apex court, headed by Justice Inyang Okoro, adjourned for Judgement after all parties in the suit adopted their processes.

 

In Wednesday’s proceeding, the Apex court consolidated the different suits filed by Rivers, Nasarawa, Jigawa, Kano, Niger, and Abia states, with all the pending cases challenging the Naira swap policy that FG introduced through the Central Bank of Nigeria, CBN.

 

All the suits the apex court consolidated for hearing on Wednesday, were marked: SC/CV/162/23, SC/CS/197/23, SC/CV/200/23, SC/CV/210, SC/CV/227, SC/CV/229/23 and SC/CV/222/23.

 

It will be recalled that the Apex court had earlier joined seven states- Lagos, Cross Rivers, Ogun, Ekiti, Ondo, Sokoto and President Muhammadu Buhari’s home state, Katsina, as parties to the suit that was filed by three northern states, Kogi, Kaduna and Zamfara states.

 

Though only the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, was initially cited as the sole defendant in the matter, the apex court okayed requests by Edo and Bayelsa states to be allowed to join the suit to support FG as co-plaintiffs.

 

Rivers, Kano, Jigawa, Nasarawa and Abia states had maintained that their case was different, stressing that their grouse was not only with the Naira swap policy but also with the cash withdrawal limits the CBN allowed for corporate entities and individuals, respectively.

 

Counsel to the primary states, Abdulhakeem Mustapha (SAN) filed an application, asking the court to set aside the preliminary objection by the AGF and grant the reliefs sought in their application.

 

They asked the court to set aside the directive issued by the president on the 16th of February after the ruling of the Apex court

 

The Attorney-General of Lagos State, Moyosore Onigbanjo (SAN), asked that the court should not grant the defendants and their principal (Buhari) audience until they obey the court order and legalize the 500 and 1000 naira notes. He asked the court to grant the prayers in their originating summons.

 

Other defendants in the suit, Cross River, Ogun, Ekiti, Ondo, Katsina and Sokoto identified their processes and urged the court to dismiss the preliminary objection by the 1st defendant, and grant their reliefs.

 

Counsel to FG, Kanu Agabi (SAN) identified his processes filed, including a preliminary objection to the substantive suit by the original three states.

 

He argued that the Supreme Court does not have the primary jurisdiction to hear the suit

 

“If your Lordships held that all the reliefs are in section 20 of the CBN act, it cannot be commenced in the Supreme Court, so they are crying at the wrong place.

 

“In addition, reference is made to the CBN 32 times in their originating summons, and seven of the eight reliefs sought are against the CBN, why did they not think it wise to bring the CBN before you?

 

“Long before you made the order, Nigerians were already rejecting the old naira notes, even here in the Supreme Court. What the FG did was to make things easier by asking people to return monies to the bank.

 

Agabi said that the president has the power to Veto some others, adding that none of the states added a single citizen from their state who was complaining about the policy.

 

Counsels to Edo and Bayelsa states aligned themselves to the submissions of the 1st defendant, asking the court to dismiss the suit by the plaintiffs.

 

The Supreme Court consolidated the suits by the new parties joined to the suit, which stated that the President by Section 148 of the constitution, was supposed to seek the counsel of the National Executive Council, which includes the Vice President and State Governors.

 

After hearing from the various parties, the court adjourned judgment for March 3, 2023

 

 

For a better society

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