BREAKING: Another Northern State Drags FG To Court Over Naira Redesign, Gives Reason
- The Federal Government has been dragged to court by another state, Kano, over its naira redesign policy
- In the suit SC/CS/200/2023, the state asked the Supreme Court to declare that President Buhari cannot singlehandedly direct the CBN to change the naira notes
- The state also prayed to the court to stop the FG and the CBN from retrieving the old N200, N500 and N1000 notes from circulation
Kano - Kano, a northwest state in Nigeria has dragged the Federal Government before the Supreme Court over the Central Bank of Nigeria's (CBN) naira redesign policy.
The state's attorney general, through its counsel, Sanusi Musa, prayed to the apex court to declare that President Muhammadu Buhari cannot singlehandedly direct the CBN to recall old N200, N500 and N1000 notes in a suit SC/CS/200/2023, The Punch reported.
Why Kano sued the federal government to the supreme court
In the suit, the state asked the court to declare that the President needed to consult with the Federal Executive Council and National Economic Council before taking such action.
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According to the case file, the state wanted the court to issue a mandatory order for the federal government to reverse the policy to recall the N200, N500 and N1,000 notes from circulation.
It argued that the policy is badly affecting the economy and the well-being of over 20 million people of Kano state.
Kano state also wanted the supreme court to compel the federal government to reverse the naira redesign policy, alleging that the policy failed to comply with the 1999 constitution as amended.
The prosecutor also prayed to the supreme court to compel the federal government to reverse the swapping of old naira notes for new ones as it cannot stand the test of the constitution and other extant legislation.
Naira scarcity: Former Imo Attorney General reveals error in supreme court judgment against FG, CBN
Legit.ng earlier reported that the former attorney general and commissioner for justice in Imo state, Chukwuma Machukwu-Umeh, has faulted the supreme court ruling on CBN's naira redesign policy.
Machukwu-Umeh disclosed that the CBN acted within the law, adding that Godwin Emefiele, only needed the President's approval to redesign the currency.
According to the senior advocate, setting the deadline to retrieve the old naira notes from society is within the prerogative of the CBN.