The Supreme Court on Wednesday adjourned till March 3 the case instituted by some state governments against the Federal government. This is to challenge the implementation of the naira redesign policy.
Read Also: Nigerian Supreme Court Stops Ban On Old Naira Notes
The apex bank’s decision will likely frustrate Nigerians, many of whom were hoping for a quick resolution to the hardship already caused by the naira scarcity crisis.
Back Story
The Supreme Court had earlier ordered the Federal Government to implement the February 10 deadline for the new naira notes. The Central Bank of Nigeria (CBN) on the other hand refused to go back on its deadline.
This led to a suit being filed by Zamfara, Kogi, and Adamawa state governments against the Attorney-General of the Federation on February
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 also joined the suit as co-plaintiffs.
Result Of The Proceedings
During the court proceedings on today, counsel for the Federal Government, Kanu Agabi, said the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act.
Arguing further, he said the apex bank does not have the jurisdiction to hear the suit as the action cannot commence with an Originating Summons.
He also said that the plaintiffs does not have the right to take the CBN to court as a respondent despite making reference to the apex bank 32 times in their originating summons. This is despite the fact that seven of the reliefs sought relate to the CBN.
Conclusion
Agabi concluded that since Nigerians were already turning down the old notes by the President’s directive, nothing more can be done. This is because the president is empowered under the constitution to veto any legislation.
More details coming …
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