Supreme Court Fixes Date For Judgment On Old Naira Notes Validity

Supreme Court has fixed a date for judgment on old naira notes validity.

Newsone reports that the Supreme Court of Nigeria on Wednesday, February 22, 2023, adjourned judgment in the new naira policy suit to March 3, 2023.

This online news platform recalls that 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 (CBN) 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, Kanu Agabi, counsel for the Federal Government, said the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act.

The counsel for the Federal Government 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 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 to relate to the CBN.

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

The counsel for the Federal Government 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.

After taking arguments for and against the suit by some States of the Federation, Justice John Inyang Okoro fixed March 3, 2023, for judgment in the new naira policy suit.

However, before the judgment, Supreme Court earlier maintained that come what may, the new naira suit must be heard today.

During Wednesday’s proceeding, counsel for Lagos State, Moyosore Onigbanjo, prayed the court to prohibit the Attorney General of the Federation, Abubakar Malami, from defending the respondents while acting in contempt of initial court orders as he “comes tongue in cheek to ask for reliefs”.

He stated that the “issue of contempt, supersedes issue of jurisdiction”.

Responding, Justice John Okoro, said, “you are not a stranger to this country. We don’t want a situation where the judiciary will be a scapegoat. We refuse to be the scapegoat”.

“We are hearing this matter today. We don’t intend to keep this matter longer… whether they obey it or not”.

Meanwhile, Newsone Nigeria reports that with the judgment of the Supreme Court, Nigerians, especially consumer and business groups as well as professional and trade unions looking up to the apex court for a favorable judgment (today) that they expect will ameliorate their suffering, will have to wait.