The Federal Government of Nigeria has filed a preliminary objection challenging the application by Kaduna, Zamfara and Kogi states against the implementation of the February 10 deadline for the swap of old N1,000, N500 and N200 notes.
In the objection filed by Mahmud Magaji (SAN), on Wednesday the federal government argued that the suit ought not to have been brought before the Supreme Court as the reliefs sought were against an agency of the federal government, the CBN on its powers to withdraw old banknotes and introduce new ones under the CBN Act, 2007.
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.
In its objection, the Federal Government argues that the Federal High Court had the proper jurisdiction to entertain such suits under Section 251(1)(a)(p)(q) & (r) of the Constitution (exclusive jurisdiction of the Federal High Court).
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.