The Supreme Court has adjourned the ruling on the suit challenging the naira swap policy of the Central Bank of Nigeria (CBN) till Friday, March 3rd, 2023.
The seven-member panel led by Justice John Okoro did not mention the earlier order of the apex court which had temporarily halted the banning of old naira as legal from February 10, according Channels Television reported.
Earlier on Wednesday, the Supreme Court consolidated the suits instituted by the 10 state governments against the Federal Government challenging the implementation of the naira redesign.
The plaintiffs in the suit are now the Attorneys General (AGs) of Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Sokoto, and Lagos states while the defendants are the Attorney General of the Federation, Abubakar Malami (SAN), as well as the AGs of Bayelsa and Edo states.
Background
The Supreme Court of Nigeria had on February 15 adjourned the suit challenging the naira swap policy of the Central Bank of Nigeria (CBN) till Wednesday, February 22 for hearing.
The suit was instituted by Kaduna, Zamfara and Kogi state governments. Other states, namely Niger, Kano, Ondo, Ekiti, had also applied to be joined in the suit.
A seven-member panel led by Justice John Okoro had on Wednesday February 8 halted the implementation of the February 10 deadline of the CBN from making the old N200, N500 and N1,000 notes legal tender in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.
The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.
Despite the apex court order, the CBN had insisted on the February 10 deadline.
“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents. There is, therefore, no need to consider any shift from the deadline of February 10,” Emefiele said while briefing the diplomatic community at the Ministry of Foreign Affairs in Abuja on February 14.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
