Naira Swap: Nigerian Government Asks Supreme Court to Dismiss Suit Stopping Deadline

Naira Swap: Nigerian Government Asks Supreme Court to Dismiss Suit Stopping Deadline

  • The Nigerian Government has challenged the Supreme Court’s decision stopping the CBN from ending the circulation of old naira notes on February 10
  • Three state governors had asked the Supreme Court to intervene on the premise that the deadline would worsen the plight of Nigerians
  • One day before the February 10 deadline given by CBN, the apex bank has left many Nigerians in a limbo

A day before ending the circulation of old naira notes, the Central Bank of Nigeria(CBN) is yet to react to the Supreme Court decision temporarily stopping it from ending the circulation of old naira notes on February 10, 2023.

CBN Quiet on Supreme Court decision, Nigerians suffer

Instead, the apex bank governor, Godwin Emefiele met with President Muhammadu Buhari at Aso Rock on Wednesday, February 9, 2023, over the court’s decision.

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Naira redesign: Videos, photos emerge as massive protest rocks CBN headquarters after Supreme Court ruling

Naira notes. CBN, Supreme Court
President Muhammadu Buhari and CBN Governor, Godwin Emefiele presenting the new naira notes Credit: State House
Source: Getty Images

Nigerians are waiting with bated breath for a statement from the Central Bank on the next line of action over the Supreme Court decision.

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Governors move against FG, CBN

However, on Wednesday, February 9, 2023, the Nigerian Government asked the Supreme Court to dismiss a suit filed by three Nigerian governors on redesigning the naira notes.

Governors Nasir El-Rufai of Kaduna State, Yahaya Bello of Kogi State, and Bello Matawalle of Zamfara, on Monday, February 6, 2023, approached the Supreme Court to restrain the Nigerian Government and the Central Bank of Nigeria from enforcing the February 10 deadline for cessation of circulation of old naira notes.

The governors, in the application, asked the apex court to intervene as the deadline would worsen the hardship Nigerians are facing.

A seven-man member of the Supreme Court temporarily blocked the Nigerian Government, CBN, and the 27 banks in the country from ending the circulation of old N200, N500, and N1,000 notes pending the determination of the suit on February 15.

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Old Naira Notes Deadline: 3 Things to Know About Supreme Court Judgement on CBN policy

FG responds to Supreme Court decision

According to reports, the Attorney-General of the Federation, Abubakar Malami, in a preliminary objection filed by Mahmud Magaji and Tijanni Gazali, argued that the Supreme Court lacks the jurisdiction to judge the matter.

Malami stressed that the three governors had not shown enough cause of action against the Nigerian Government and other defendants on the matter.

Malami said:

“The claims or reliefs are not against the federation, but the Federal Government and its agency, the Central Bank of Nigeria.
“The Federal Government of Nigeria is distinct from the Federation or the Federal Republic of Nigeria. The plaintiffs have no grievance whatsoever against the Federation of Nigeria.
“This suit has disclosed no dispute that invokes this (Supreme) Court’s original jurisdiction as constitutionally defined.”

CBN to reveal next move as Supreme Court halts banning the use of old naira notes after Feb 10 deadline

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Fresh twist as FG asks Supreme Court to dismiss northern states’ suit on old Naira notes deadline reports that the Central Bank of Nigeria will have to make a decision in the next few hours following a decision from the supreme court to halt the facing out of old N1000, N500, and N200 notes by February 10, 2023.

Justice John Okoro, who presided over the Supreme Court panel on Wednesday, 8 February 2023, restrained the Federal Government from suspending, deciding, or discontinuing the usage of old naira notes until it decides after an application from three northern governors.

It was reported that the three northern states had specifically applied to the supreme court to allow the use of now older naira notes after CBN's deadline date.


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