The Kano State Government has filed a lawsuit against the Federal Government at the Supreme Court over the naira redesign by the Central Bank of Nigeria (CBN), arguing that President Muhammadu Buhari cannot direct the CBN to recall the old N200, N500 and N1,000 banknotes without first consulting the Federal Executive Council and the National Economic Council.
The suit, filed on Thursday by the state Attorney General, through his lawyer, Sunusi Musa, seeks a court order to reverse the Federal Government’s policy of recalling these old bank notes, citing the adverse impact it would have on the economic well-being of over 20 million Kano citizens, Channels Television reported.
Kano government also seeks a mandatory order to compel the Federal Government to reverse the naira redesign policy, and the cash swap policy, alleging that it violates the 1999 Constitution and other relevant legislation.
“A Declaration that on the combined reading of the provisions of the Section 148(2) of the 1999 Constitution and Part 1, and Paragraph 19 of the Third Schedule thereof, the President cannot unilaterally, without recourse to the Federal Executive Council and National Economic Council respectively give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limit pursuant to the demonetization economic policy of the Federal Government of Nigeria,” the suit read.
In the originating summon, the Kano State Government further prayed for a declaration that the president’s directive to the CBN for the implementation of cash withdrawal limits policy pursuant to the demonetisation of the Federal Republic of Nigeria without recourse to FEC and NEC respectively is unconstitutional, illegal, null and void.
Recall that the Supreme Court on Wednesday temporarily halted the banning of old naira as legal from February 10.
Delivering ruling in a motion filed by Kaduna, Zamfara and Kogi states, Justice Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed, “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”.
Okoro subsequently adjourned to February 15, 2023 for hearing of the main suit.
Malami, who spoke during an interview on ARISE News Channel, yesterday said that the government would abide by the apex court order due to its regard for rule of law.
Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, on Wednesday said the federal government would obey the Supreme Court ruling, which put on hold the Central Bank of Nigeria (CBN) naira redesign policy.
He however, said the government would take necessary steps to set aside the interim order.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
