By OUR REPORTER, Abuja
The DEFENDER reports that the Supreme Court has, on Wednesday, adjourned the case by some state governors against the Federal Government over Naira redesign policy till Friday March 3, 2023.
Kaduna, Zamfara and Kogi state governments had sued the Federal Government over the Federal Government’s deadline for the withdrawal of old Naira notes due to the Central Bank of Nigeria (CBN) naira redesign policy.
The state governments said they were worried about the effects the CBN naira redesign policy is having on the residents of their states and wanted the old and redesigned Naira notes to coexist.
Our findings revealed that the governors, who are mainly of ruling APC, were not fighting for the people but for them to be able to push into banks the trillions they were allegedly keeping outside and also to make it possible for the to spend from such money for vote buying.
This was contained in statement of Senior Advocate of Nigeria (SAN), Dr. Muiz Banire, who is also a stalwart of the ruling party.
However, the Supreme Court, after hearing from lawyers on both governors’ and Federal Government’s sides on Wednesday February 22, said a judgement would be delivered on the matter on March 3.
The judgment date will be after the presidential election on February 25. The court had previously issued an interim order saying the old notes should remain in circulation pending the determination of the case.
The court order could not be implemented for reasons law analysts listed as one, monetary matter is on the exclusive list and between the Central Bank and the executive and not between states and federal government; two, the CBN was not served in the case; and three, immediately after the court order, unsatisfied, the Attorney General of the Federation and Minister of Justice, Mallam Abubakar Malami (SAN), had gone back to the court and filed his appeal thus making it naturally binding on both parties to main status quo.
The DEFENDER reports that by status quo, the CBN had the chance of time and space to continue with his policy until further notice.
The CBN therefore, while continuing with its already declared deadline, announced that by February 10 all old N200, N500 and N1000 notes ceased being legal tenders in Nigeria.
However, President Muhammadu Buhari in a national broadcast extended the legality of only old N200 notes to coexist with redesigned N200, N500 and N1000 notes till April 10, that is another 60 days when the old N200 will cease to be legal tender in tbe country.
“I have given approval to the CBN that the old N200 bank notes be released back into circulation and that it should also be allowed to circulate as legal tender with the new N200, N500, and N1000 banknotes for 60 days from Feb. 10, 2023 to April 10, 2023,” President Buhari said.
“In line with Section 20(3) of the CBN Act 2007, all existing old N1000 and N500 notes remain redeemable at the CBN and designated points.”
