Supreme Court Suspends Expiration of Old Naira Notes till 31st December
Supreme Court of Nigeria, on Friday, 3 March 2023, ordered that old N200, N500, and N1,000 notes remain in circulation till December 31, 2023, Raw Nigeria reports
This Newspaper learnt that the apex court also nullified the Federal Government’s naira redesign policy, declaring it as an affront to the 1999 Constitution.
Justice Emmanuel Agim, who read the lead judgment, held that the preliminary objections by the defendants (the Attorney General of the Federation, Bayelsa and Edo states) are dismissed as the court has the jurisdiction to entertain the suit.
Citing Section 23(2)1 of the constitution, the court held that the dispute between the Federal Government and states must involve law or facts. The apex court further held that President Muhammadu Buhari in his broadcast admitted that the policy is flawed with a lot of challenges.
The Supreme Court said the policy has led to some people engaging in trade by barter in this modern age in a bid to survive. The court added that the President’s disobedience of the February 8 order, is a sign of dictatorship.
Sixteen states of the Federation instituted the suit to challenge the legality or otherwise of the introduction of the policy.
The suit initially instituted by Kaduna, Kogi and Zamfara states has been slated as the first case on the cause list for final verdict.
Justice John Inyang Okoro who led a seven-man panel of Justices of the Court had on February 22 fixed today for the court to make its decision known on the suit.
The 16 states led by Kaduna, Kogi and Zamfara are praying the apex court to void and set aside the policy on the ground that it is inflicting hardships on innocent Nigerians
They accused the President of usurping the function of the CBN in the introduction and implementation of the policy and asked that the directive issued by Buhari be voided.
Governor Nasir El-Rufai of Kaduna State and his Kogi State counterpart, Yahaya Bello were in court to witness the judgement on Friday. The two governors were also in court at the last hearing. Also, Zamfara State Governor, Bello Matawalle was in court on Friday.
Naira Swap Policy: You Are Wrong - Supreme Court To Buhari Govt
The Supreme Court has dismissed the preliminary objection the Muhammadu Buhari-led Federal Government filed to challenge its jurisdiction to hear the suit that 16 states filed to challenge the ban on use of old N200, N500 and N1000 banknotes as legal tenders in the country.
In its lead judgement that was delivered by Justice Emmanuel Agim, the Supreme Court held that FG’s contention that it lacked the original jurisdiction to halt the full implementation of the Naira swap policy that was introduced by the Central Bank of Nigeria, CBN, was invalid.
Justice Agim said the case the states brought for determination bordered on alleged failure by President Muhammadu Buhari, in the exercise of his Executive powers, to comply with provisions of the 1999 Constitution, as amended.
The apex court held that the plaintiffs were not wrong by not joining the CBN as a necessary party to the suit.
According to the Apex court, the suit qualified as a dispute between FG and the federating states, to which the Supreme Court has exclusive and original jurisdiction to determine.
“It is glaring that the CBN has no power to introduce new Naira if there is not directive by the President. The CBN is an agency of the Federal Government.
“The suit as constituted could be effectively determined without joinder of the CBN.
“In the light of the foregoing, I good that all the preliminary objections lacked merit and there are accordingly dismissed”, the apex court held
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