- Edo, Bayelsa Back FG As More States Join Suit
The Supreme Court of Nigeria on Wednesday, adjourned the case on the naira swap policy of the Central Bank of Nigeria (CBN) till Wednesday, February 22.
Nigeria’s apex court also refused to renew its order extending the time within which the old Naira notes should remain in circulation.
An earlier order issued last Wednesday elapses this Wednesday (today).
The apex court said the fixed date will be for hearing of the consolidated suits by 10 states.
It would be recalled that Zamfara, Kogi and Kaduna states had instituted the suit against the Federal Government and the CBN.
At the last hearing, the Court had temporarily banned the implementation of the February 10 deadline of the CBN from making the old N200, N500 and N1,000 notes legal tender.
Other states namely Niger, Kano, Ondo, Ekiti, Sokoto had also applied to be joined in the suit against the CBN and the Federal Government.
However, Edo and Bayelsa have asked to join the suit in favour of FG as co-respondents.
The New Diplomat had reported that Governor Nasir El-Rufai of Kaduna and his Kogi state colleague, Yahaya Bello were present at the premises of Supreme Court, to monitor the proceedings in the suit instituted by their states against the Federal Government on old Naira notes.
The New Diplomat reports the February 22 new date given for the hearing is just three days to the presidential poll in the country, suggesting a long-drawn battle over the CBN deadline might be in the offing.
It would be recalled also that a seven-member panel led by Justice John Okoro, had on February 8 halted the Federal Government and Central Bank of Nigeria (CBN) from implementing the deadline for old Naira notes pending the determination of the suit before it.
But the Governor of the CBN, Godwin Emefiele, had insisted that there is no going back on the February 10, 2023 deadline for old Naira notes.
The CBN governor while speaking during a visit on Tuesday to the Ministry of Foreign Affairs, to discuss the monetary and currency redesign policy of the bank, said the apex bank has no reason to consider extending the deadline.
“The situation is substantially calming down since the commencement of over-the-counter payments to complement ATM disbursements and the use of super-agents.
“There is, therefore, no need to consider any shift from the deadline of February 10.” Emefiele said as mixed reactions continue to trail the CBN’s stance on the currency redesign and the deadline set for the old notes ahead of the crucial 2023 polls.
