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HomeBanking and FinanceNaira swap case: Supreme Court reserves ruling to March 3

Naira swap case: Supreme Court reserves ruling to March 3

Supreme Court Wednesday adjourned judgment in the new naira policy suit to March 3, 2023.

With the apex court’s decision, Nigerians, especially consumer and business groups as well as professional and trade unions looking up to the apex court for a judgment that they expect will ameliorate their suffering, will have to wait after this Saturday’s Presidential and National Assembly Elections.

It would be recalled that the apex court had on February 8 restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones, but the Central Bank of Nigeria refused to shift the deadline.

The injunction was sequel to a suit filed by 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 have also joined the suit as co-plaintiffs.

While taking arguments on Wednesday, counsel for the Federal Government, Kanu Agabi, 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 the CBN to court as a respondent despite making reference to the apex bank 32 times in their originating summons and despite the fact that seven of the reliefs sought relate to the CBN.

He asserted that Nigerians were already turning down the old notes in accordance with the President’s directive.

Agabi also asserted that by asking Nigerians to deposit their old naira at the CBN designated centres, the president was abiding by the court order and that Buhari is empowered under the constitution to veto any legislation.

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