New naira: Supreme Court adjourned the case to March 3

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The ruling of the case against the Federal Government regarding the New naira policy before the Supreme Court was on Wednesday adjourned to March 3, 2023. 

The much-awaited ruling of the Supreme court by Nigerians, especially consumer and business groups as well as professional and trade unions has suffered a setback. What this means to Nigerians their suffering has to continue till March 3.

Recall the Supreme Court had on February 8 restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones, but the Central Bank of Nigeria refused to shift the deadline.

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 have also joined the suit as co-plaintiffs.

While taking arguments on Wednesday, counsel for the Federal Government, Kanu Agabi, said the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act.

He argued that the apex court has no jurisdiction to hear the suit as the action cannot commence with an Originating Summons.

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 even though seven of the reliefs sought to relate to the CBN.

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

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.

Details later…

Source: punchng.com

#New Naira

#Supreme Court