Supreme Court Takes Another Crucial Decision in Case Against CBN’s New Naira Policy

Supreme Court Takes Another Crucial Decision in Case Against CBN’s New Naira Policy

  • On Wednesday, February 15, the Supreme Court adjourned the suit against the CBN over the new naira swap policy
  • This came after several state governments of the ruling party, APC, entered a joint suit against the apex bank
  • However, the CBN remains unfazed by the current development as it believes it is the best policy for Nigerians

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FCT, Abuja - Emerging reports has confirmed that Supreme Court has on Wednesday, February 15 adjourned the case over the CBN policy on naira swap.

As reported by Channels TV, the apex court adjourned proceedings until Wednesday, February 22.

CBN, Naira, Supreme Court
The duo of Gov Nasir El-Rufai and Gov Yahaya Bello of Kaduna and Kogi state, respectively, were present at the Supreme Court today, Wednesday, Feb 15. Photo: CBN
Source: Getty Images

Recall that at the previous court session, the Supreme Court gave a ruling against the stipulated deadline for the usage of the naira note communicated by the CBN to the public.

The apex court mandate that the collection old notes should remain valid temporarily until a proper resolution was reached.

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The CBN on the other hand did not heed to the ruling of the apex court as it went on to implement and enforce its stipulations declaring the old naira notes illegal.

At the recent court ruling earlier, the courtroom had the presence of top political jogganuts present for the hearing.

El-Rufai, Yahaya Bello appears in court

As reported by the Vanguard newspaper, Kaduna State Governor, Nasir El-Rufai, and his Kogi State counterpart, Yahaya Bello were present at the court premises for the hearing. gathered that the federal government and CBN are facing legal battles at all fronts as states like Kaduna, Zamfara and Kogi had already filed a suit against the implementation of the new naira policy.

Similarly, states like Ekiti, Ondo, Kano and Nigeria also followed in the trend of filling a joint suit against the federal government and CBN.

Read also

Old Naira notes deadline: 4 things to know as Supreme Court adjourns suit filed by state governments

Meanwhile the Lagos state government led by its Attorney General, Moyosore Onigbanjo, and the Bayelsa State government led by Damian Dodo have also resorted to filing an application to join the suit.

Naira Swap: Nigerians Win As Supreme Court Extends Deadline for Old Notes, Fixes New Date

In another development, the Supreme Court has once again affirmed the validity of the use of old 200, 500 and 1000 naira notes.

According to the apex court, the February 8 hearing which paused the implementation of the February 10 deadline ban on the use of old naira notes still subsists.

The clarification from the court followed a complaint by Abdulhakeem Mustapha (SAN), lawyer to the Kaduna, Kogi and Zamfara states.


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