Naira policy: Again, Supreme Court adjourns hearing till Feb 22

The Supreme Court on Wednesday adjourned hearing in a suit filed by state governments against the Federal Government until February 22.

The suit filed by Kaduna, Kogi and Zamfara states and joined by some states is seeking a restraining order to stop the full implementation of the naira redesign policy of the Central Bank of Nigeria (CBN).

Zamfara, Kaduna and Kogi had approached the Supreme Court of Nigeria for reliefs on behalf of their citizens to challenge the February 10 CBN deadline for old naira notes to cease to be legal tender.

Governors Nasir El-Rufai of Kaduna and Yahaya Bello of Kogi attended the court proceedings.

Meanwhile, the Supreme Court has joined nine states as parties in the suit filed by Kaduna, Kogi and Zamfara.

The Justice John Okoro-led nine-member panel joined the Attorneys General of Katsina, Lagos, Ondo, Ogun, Ekiti, Cross Riveer and Sokoto states as co-plaintiffs.

The Attorneys General of Edo and Bayelsa states were joined as co-respondents.

The seven states in their respective motions for joinder pitched their tents with the three aggrieved states that initially ignited the legal battle.

Their joinder motion was moved by Mr. Samuel Ologunorisa (SAN) and was granted by Justice Okoro who presided over the matter.

The court directed the plaintiffs to amend their originating summons to reflect the name of the six fresh plaintiffs.

The court ordered the original plaintiffs and the respondent – the Attorney General of the Federation – to amend the processes already filed to reflect the new parties.

In another drama, River State has filed a separate suit against the Federal Government on the same matter.

Rivers through its counsel, Mr. Emmanuel Ukala (SAN) stood its ground not to team up with other states, adding that it would prefer to do its case separately.

The Supreme Court had on Wednesday, February 8, temporarily stopped the withdrawal of old Naira Notes from February 10.

A seven-member panel led by Justice John Okoro halted the move in a ruling in an exparte application brought by three northern states of Kaduna, Kogi and Zamfara.

The three states had specifically applied for an order of Interim Injunction restraining “the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

Delivering ruling in the motion, Okoro, held that after a careful consideration of the motion exparte this application is granted as prayed.

“An order of Interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on Feb. 10,, the time frame with which the now older version of the 200, 500 and 1,000 denomination of the naira may no longer be legal tender pending the hearing and determination of their motion on notice for interlocutory injunction”.

He accordingly adjourned until Feb. 15, for hearing of the main suit.

Moving the application on Wednesday, counsel to the applicants, Mr A. I. Mustapha (SAN), urged the apex court to grant the application in the interest of justice and the well-being of Nigeria.

He stated that the policy of the government has led to an “excruciating situation that is almost leading to anarchy in the land “.

While he referred to a CBN statistics which put the number of people who don’t have bank accounts at over 60 per cent, Mustapha lamented that the few Nigerians with bank accounts can’t even access their monies from the bank as a result of the policy.

The senior lawyer further argued that unless the Supreme Court intervenes the situation will lead to anarchy because most banks are already closing operations.

The Star