The Supreme Court, Federal Government Debacles Over Recent Currency Policy
On Wednesday, about 8:40 a.m., the governors of Kaduna State, Nasir Ahmad El-Rufai, and Kogi State, Yahaya Bello, appeared at the Supreme Court for the proceedings in their suit against the federal government’s naira redesign policy.
The two governors exchanged pleasantries in the lobby before entering the courtroom as a seven-member Supreme Court panel presided over by John Okoro entered the court at 9:10 a.m.
Amina Augie, Adamu Jauro, Ibrahim Saulawa, Tijanni Abubakar, and Emmanuel Agim are among the seven members of the Supreme Court bench.
Mr. Okoro, the head of the Supreme Court panel, urged the suit’s attorneys not to “behave like politicians” before the proceedings in the case began. He also urged the lawyers “not to lose sight of the suffering of our people,” calling for an amicable resolution of the dispute.
To stop the Central Bank of Nigeria’s (CBN) naira redesign strategy, three state governments—Kaduna, Kogi, and Zamfara—had filed a lawsuit against the federal government with the Supreme Court as the phase-out of the previous 200, 500, and 1000 naira banknotes had been announced by the CBN. See https://brandreelng.com/cbn-says-to-nigerians-old-naira-notes-are-no-longer-valid-currency/
Despite the Supreme Court’s judgment on February 8 delaying the application of the monetary policy, the apex bank insisted on the deadline of February 10 for the deposit of old notes.
Although Abubakar Malami, the Attorney-General of the Federation (AGF), promised that the government would abide by the directive.