FG Finally Speaks on Supreme Court Ruling on Old Naira Notes Swap Deadline, Reveals Decision
- The federal government has finally said it will obey the Supreme Court judgement which put the CBN February 10 deadline for the old Naira notes swap on hold
- Abubakar Malami (SAN), the Attorney General of the Federation (AGF) and Minister of Justice made the FG's position known
- Nevertheless, Malami said the federal government would take the necessary legal steps to ensure the apex court's interim order is set aside
FCT, Abuja - Abubakar Malami, the Attorney General of the Federation (AGF) and Minister of Justice, says the federal government would obey the Supreme Court ruling which put on hold the Central Bank of Nigeria (CBN)'s February 10 deadline for the old Naira notes swap, according to ThisDay.
Malami, however, said the federal government would take necessary steps to set aside the interim order.
Legit.ng recalls that the Supreme Court in a ruling on Wednesday, February 8, suspended the CBN deadline for the old Naira notes swap and fixed Wednesday, February 15 for the hearing on the matter.
A seven-member panel of the apex court presided by Justice John Okoro temporarily stopped the CBN from effecting the scheduled ban of old naira notes in N200, N500 and N1,000 denominations from February 10.
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The order was issued during a ruling on an ex parte application brought by Kaduna, Kogi, and Zamfara states against the AGF.
The three states argued that the policy had brought an excruciating situation upon the country and urged the apex court to intervene to avoid anarchy.
Old Naira notes swap: Why FG will obey the Supreme Court order - Malami
Speaking further, Malami said the federal government will respect the order of the Supreme Court because of its regard for the rule of law.
He, nevertheless, insisted that the federal government would challenge the judgement within the provisions of the law.
ThisDay stated that the AGF made this known in an interview aired by its sister media platform, Arise News, on Thursday, February 9.
Malami further explained that it was within the right of the federal government to challenge any order it was not pleased with.
“The rule of law provides that there has to be obedience to the judgement and orders of the Supreme Court.
"The rule of law provides that when you are not happy with a ruling you can file an application for setting it aside and in compliance with the rights and privileges vested in us as a government, we are equally looking at challenging the order and seeking for it to be set aside," the justice minister said.
Owobi Merit said:
"Obey the ruling or not, we Nigerians have already decided to use the notes indefinitely."
Kuyik S. Ekpenyong said:
"I really wanted this policy to succeed, but Princes of Nigeria don't want it because it will move the country forward... Corruption has a strong defensive mechanism in Nigeria."
Ojeshola Nureighn Hawlaheydey said:
"Even if u no obey, we don move on... No be your spending."
Humble Daniel Okon said:
"We know that APC is above judiciary power in Nigeria, so we're not surprised on what outcome will be."
Vawulence Pro Max said:
"Since yesterday, I never even touch the New Note."
Old Naira notes deadline: Twist as FG asks Supreme Court to dismiss northern states’ suit
Earlier, Legit.ng reported that the federal government on Wednesday, February 8, called on the Supreme Court to dismiss the suit challenging the naira redesign policy of the CBN.
Malami argued that the Supreme Court lacks jurisdiction to hear the suit, adding that the case is not a dispute between the federation and the state governments, but merely an issue about CBN’s policy.
In his latest address, the AGF said the federal government will challenge the jurisdiction of the apex court to entertain the suit and also see how the interim order would be vacated when the court reconvened next Wednesday.