On Wednesday, the Supreme Court adjourned judgment in the new naira policy suit to March 3, 2023.
With the apex court’s decision, Nigerians, especially consumer and business groups and professional and trade unions looking up to the apex court for a favourable judgement (today) that they expect will alleviate their suffering, will have to wait.
On February 8, the Supreme Court restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones. Still, the Central Bank of Nigeria refused to change the deadline.
The injunction followed a suit filed by the 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, 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.
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 name the CBN as a respondent despite referring 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 in the way the president’s directive.
Agabi also asserted that by asking Nigerians to deposit their old naira at the CBN-designated centres, the president abided by the court order and that Buhari is empowered under the constitution to veto any legislation.
