Naira Notes: Supreme Court fixes March 3 for judgement

On Wednesday, the Supreme Court postponed the decision in the lawsuit regarding the new naira policy until March 3, 2023.

With the top court’s ruling, Nigerians, particularly those who looked to the court for a favorable verdict (today) that they believed would lessen their suffering, will now have to wait.

The Central Bank of Nigeria refused to change the deadline after the Supreme Court on February 8 blocked the Federal Government from enforcing the February 10 deadline for exchanging old naira notes for new ones.

The injunction followed a lawsuit brought on February 3 by the state governments of Zamfara, Kogi, and Kaduna against the Attorney-General of the Federation.

As co-plaintiffs, additional states, including Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun, and Cross River, have also joined the lawsuit.

On Wednesday, Kanu Agabi, a lawyer for the Federal Government, said the Supreme Court had ruled that section 20 of the CBN Act served as the foundation for all relief.

He claimed that because the action cannot begin with an Initial Summons, the supreme court lacks jurisdiction to hear the case.

He also contended that the plaintiffs did not deem it fit to the CBN to court as a respondent despite making reference to the apex bank 32 times in their originating summons and despite the fact that seven of the reliefs sought relate to the CBN.

He asserted that Nigerians were already turning down the old notes’ way the President’s directive.

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Agabi also asserted that by asking Nigerians to deposit their old naira at the CBN designated centres, the president was abiding by the court order and that Buhari is empowered under the constitution to veto any legislation.