The Supreme Court of Nigeria has adjourned till March 3, 2023 for judgement in the new naira policy suit.
Recall that the highest court in the country 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, CBN, refused to shift the deadline.
The injunction was granted following a suit filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation on February 3.
Other states; Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun and Cross River have also joined the suit as co-plaintiffs.
Listening to arguments on Wednesday, counsel for the Federal Government, Kanu Agabi, said the apex court held that all reliefs are rooted in Section 20 of the CBN Act.
The lawyer 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 way 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.
