Home Finance Supreme Court adjourns hearing in suit seeking to stop implementation of naira redesign policy

Supreme Court adjourns hearing in suit seeking to stop implementation of naira redesign policy

by Business News Report

The Supreme Court has adjourned, until Wednesday February 22, the suit filed by Kaduna, Kogi, and Zamfara states seeking to stop the February 10 deadline of the old N1000, N500 and N200 redesign notes policy of the Central Bank of Nigeria (CBN). Justice Inyang Okoro fixed the new date after directing all parties involved to amend their processes to reflect the new position of their respective cases. Meanwhile, the state counsels of Edo and Bayelsa states told the seven-man panel of justices of the apex court that they wish to be joined in the case as respondents stating that they are in support of the cashless policy regime of the Central Bank of Nigeria.

Also, Lagos, Cross River, Ogun, Ekiti, Ondo, and Sokoto states joined Kaduna, Kogi, and Zamfara in the legal battle against the Federal Government. Their joint motion was moved by Mr. Samuel Ologunorisa (SAN) and was granted by Justice Okoro who presided over the matter. The News Agency of Nigeria quoted him to have said “the Court directed the plaintiffs to amend their originating summons to reflect the name of the six fresh plaintiffs. “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.”

it will be recalled that earlier this month, Kaduna, Kogi, and Zamfara had applied for an order of Interim Injunction restraining the Federal Government and the Central Bank of Nigeria (CBN) from using February 10 as the deadline  for the circulation and use of the old N200, N500, and N1000 notes; pending the hearing and determination of their motion on notice for interlocutory injunction. The Federal Capital Territory (FCT) High Court had earlier barred the Central Bank of Nigeria (CBN) and President Muhammadu Buhari and 27 commercial banks from suspending or interfering with the currency redesign terminal date of February 10 or issuing any directive contrary to the said date.

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