Naira swap: FG insists on Feb 10, asks apex court to dismiss states’ suit

Uncertainties trailing the Central Bank of Nigeria (CBN)’s naira redesign policy continued, yesterday, when the Supreme Court overruled an earlier injunction granted by a high court in the Federal Capital Territory (FCT) restraining the Federal Government and the CBN from undermining the February 10 deadline for the ongoing currency swap.

While the Supreme Court ruling appeared to have doused the tension scarcity of cash had induced in the polity, the Federal Government, last night, approached the Supreme Court, asking it to dismiss a suit challenging the February 10 deadline set by CBN to end the legal tender status of the old currency notes of N200, N500 and N1,000.

It argued that the Supreme Court lacks jurisdiction to hear the suit, which was filed by three states – Kaduna, Kogi and Zamfara – all in the northern part of the country and controlled by the ruling All Progressives Congress (APC).

The respondent maintained that the case is not a dispute between the federation and the state governments, but merely an issue about CBN’s policy. It said the suit is, therefore, not qualified to be taken directly to the Supreme Court for adjudication, arguing that the suit ought to have commenced at the Federal High Court.

Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), sued as the sole defendant, as the representative of the Federal Government, filed his opposition to the suit as a preliminary objection against it at the Supreme Court on Wednesday night.

The three state governments, in their application filed to challenge the naira redesign policy, prayed for an order restraining CBN from ending the use of the old notes on February 10. They cited the sufferings scarcity of the new notes had brought upon many Nigerians.

After listening to the applicants’ lawyer yesterday, a seven-member panel of the court, led by John Okoro, issued an order of interim injunction halting the plan by CBN to end the use of the old banknotes as scheduled. The court then adjourned the hearing of the main case until February 15.

Shortly after, President Muhammmadu Buhari met with the CBN Governor, Godwin Emefiele and AGF, Malami, at the Presidential Villa, Abuja. Outcome of the meeting was yet to be known as at press time, apart from the AGF asking the apex court to dismiss the governors’ suit.

https://guardian.ng/news/naira-swap-fg-insists-on-feb-10-asks-apex-court-to-dismiss-states-suit/


Clash of the Titans El Rufai and Co want to flex muscle with federal power, this is not APC presidential primary that power rest on state governors

😂

My concern is why aren't these people pushing for more new notes to be released into the economy. Why is their concern only about the old notes to continue being legal tender?

Banks would still not pay out old notes and except you've stocked up old notes at home, this is just a total waste of time, except CBN reverts and push old notes into the economy as the new notes printed isn't much. Cash shortage problem hasn't been addressed yet.

Good.

As I've been expecting.

If you want to know the governors that stockpiled money in their warehouses, look at the 3 governors that sued FG to supreme court.

FG needs to put eye on Elrufai, Yahaya Bello and Zamfara governor

But some people may not follow this order to undermine the court injuction.

E shock them

Emefiele and co just wants to plunge Nigeria into chaos and Nigerians against themselves

God pass them

This is good, see, extending it will only prolong the evil day... Cbn has ready mopped up old notes so, extension or not won't change that.

90% of old notes still out side belongs to politicians and criminals, the remaining 10% is with those in the rural areas

Wahala

Buhari said we should give him 7 days to solve this problem.

Today is already 9th and Buhari hasn't been able to solve the problems yet because he would rather go and campaign for his party than solve a new problem he just created for the country.

I have never seen a president as insensitive and incompetent as that herder.

Those criminal politicians that are still hoarding Naira notes at their different homes have nothing less than 24hrs to deposit those loot in the bank, otherwise everything will turn to tissue papers tomorrow...

This is Nigeria were you don't see what's coming.
How can the citizens know who to obey when officials of the government can deny anything at anytime...

We have waited enough,i believe after tomorrow we will know Nigeria next step

All those thieves and their senseless supporters holding 9ja down, most go down this time!

I heard Wike joined them..But why are they mostly APC ?

Titto93:
If you want to know the governors that stockpiled money in their warehouses, look at the 3 governors that sued FG to supreme court.

FG needs to put eye on Elrufai, Yahaya Bello and Zamfara governor

The headline is simply misleading. There is absolutely nothing in the report to suggest what the headline is reporting. This is a case between some states and the FG. The AGF simply filed a response to the suit of the governor. The Supreme Court order maintaining status quo till 15th of February remains valid. If you have old notes, you are free to spend it till 15th of February when the court will decide whether to vacate or extend the order.

My own is that,,,, Why is it only APC complaining and making moves to cancel the currency swap policy

SaiOba:
I heard Wike joined them..But why are they mostly APC ?

Wike equally stockpiled money, someone dat spent over 8 billion in PDP primary election

Hopefully the FG will retain the Feb 10 deadline

SaiOba:
I heard Wike joined them..But why are they mostly APC ?

Tambuwal too is in support...Don't let us deceive ourselves, All the governors have cash stockpiled in the government house. No be today.

Few hours to know Nigerian Supreme Court is the Apex court of the land

jrobbins:
😂

My concern is why aren't these people pushing for more new notes to be pushed into the economy. Why is their concern only about the old notes to continue being legal tender?

Banks would still not pay out old notes and except you've stocked up old notes at home, this is just a total waste of time, except CBN reverts and push old notes into the economy as the new notes printed isn't much. Cash shortage problem hasn't been addressed yet.

Their agitations were never about the masses.

gasparpisciotta:
Emefiele and co just wants to plunge Nigeria into chaos and Nigerians against themselves

God pass them

They are plunging anything into chaos, your bedwetters greed will plung you into chaos .

Asabe4:
Their agitations were never about the masses.

All these people celebrating don't know the issue is still lingering. If CBN doesn't print and release more new notes, doesn't allow banks to pay old notes, then the problem still remains. All the poor masses complaining in banks wouldn't have been doing that if they had old notes to spend because it still hasn't expired. The CBN has mopped up old notes from ordinary citizens. It's politicians that has most of the old notes still outside.

Let the rats and pigs eat the those ill gotten money that drugie looted from that tribe residing in his pocket


Nigeria No Be Lagos

Rubbish headline!

Watch live TV

Piiggiiddiooott amaka

darling2424:
E shock them

Guardian is selling newspapers on your head.
Not even CBN will dare counter Supreme Court.