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Supreme Court Refuses To Deliver Judgement On Old Naira Note Until After 2023 Election

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The supreme court of Nigeria,on Wednesday 22nd February 2023 refused to deliver judgement on the suit filed Kogi Kaduna Zamfara state government to refrain the central bank of Nigeria from enforcing the February 10 deadline for the old naira notes.

The suit was firstly heard on February 8 , where the Supreme Court restrained the Federal Government from implementing the February 10 deadline for swapping the old naira notes with new ones, further adjourned the case to February 15th,but the Central Bank of Nigeria refused to shift the deadline.

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.

Read More :CBN Denies Ordering Banks To Accept Old N1000,N500 Notes

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 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.

Supreme Court adjourns the case till March 3rd for its final judgement.

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