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Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? - Politics - Nairaland

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12 Members Of The CBN’s Monetary Policy Committee (Full List) / Buhari Backs CBN Over Old Naira Deadline Amid Outcry For Extension / Amid VAT Saga, States Sue FG Over Sharing Of Stamp Duty Revenue (2) (3) (4)

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Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Penguin2: 6:32pm On Feb 08, 2023
Kaduna, Kogi and Zamfara States have taken the Federal Government and the Central Bank of Nigeria to court and gotten an interim injunction restraining the implementation of the February 10th deadline for the withdrawal of old Naira notes.

The judgment has elicited myriads of reactions with most people questioning if the Supreme Court has the jurisdiction to entertain the case and grant such injunction which has made it imperative to look critically at the entire case and its merit.

First, it is pertinent to state that the present policy of the CBN falls under Currency, Coinage and Legal Tender.

Now, Currency, Coinage and Legal Tender is item number 15 on Exclusive List of the constitution. What this means is that only the Federal Government has powers over anything regarding monetary and currency policy and States or sub nationals or federating units have no rights or locus whatsoever to dabble into it.

For clearer understanding, the only time the states can take the Federal Government to Supreme Court are only on issues in the Concurrent List where both the FG and State Governments have power of legislation.

So, in a nutshell, the case instituted by Kaduna, Kogi and Zamfara States at the Supreme Court is standing on faulty foundation as the Supreme Court has no jurisdiction over the case.

The proper thing to do would have been to approach a High Court for Judicial Interpretation of the extent of powers of the CBN and FG as regards currency, coinage and legal tender.

Nlfpmod
Mynd44
Fergie001
Garfield1
Ejimatic

3 Likes 1 Share

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by LibertyRep: 6:34pm On Feb 08, 2023
Well, maybe it's just to buy time.

1 Like

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Pierced(f): 6:34pm On Feb 08, 2023
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by ValCon888: 6:42pm On Feb 08, 2023
It's to buy time for the Froggy Drug Lord to smuggle more notes into the bank.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by SmartPolician: 6:44pm On Feb 08, 2023
I don't think there's any case the Supreme Court cannot hear or has jurisprudence over. The question we should be asking is if the FG had counsel in today's hearing.

If they sent representatives, then it's finished. The best bet is for Buhari to flout the injunction of the Supreme Court as he always does to lower courts.

3 Likes 1 Share

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Madridstar(m): 6:47pm On Feb 08, 2023
Like lawyers in Nigeria dont know their work, cause they keep saying different things.

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by garfield1: 6:49pm On Feb 08, 2023
Penguin2:
Kaduna, Kogi and Zamfara States have taken the Federal Government and the Central Bank of Nigeria to court and gotten an interim injunction restraining the implementation of the February 10th deadline for the withdrawal of old Naira notes.

The judgment has elicited myriads of reactions with most people questioning if the Supreme Court has the jurisdiction to entertain the case and grant such injunction which has made it imperative to look critically at the entire case and its merit.

First, it is pertinent to state that the present policy of the CBN falls under Currency, Coinage and Legal Tender.

Now, Currency, Coinage and Legal Tender is item number 15 on Exclusive List of the constitution. What this means is that only the Federal Government has powers over anything regarding monetary and currency policy and States or sub nationals or federating units have no rights or locus whatsoever to dabble into it.

For clearer understanding, the only time the states can take the Federal Government to Supreme Court are only on issues in the Concurrent List where both the FG and State Governments have power of legislation.

So, in a nutshell, the case instituted by Kaduna, Kogi and Zamfara States at the Supreme Court is standing on faulty foundation as the Supreme Court has no jurisdiction over the case.

The proper thing to do would have been to approach a High Court for Judicial Interpretation of the extent of powers of the CBN and FG as regards currency, coinage and legal tender.

Fergie001
Garfield1
Ejimatic

Guy,you are deceiving yourself.the states are not challenging the powers of fg but wants fg to act according to public interest.the apex court has spoken and it is final

2 Likes

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by slimfit1(m): 6:51pm On Feb 08, 2023
Under Buhari you can't know anything.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by BloomingDale(f): 6:57pm On Feb 08, 2023
garfield1:


Guy,you are deceiving yourself.the states are not challenging the powers of fg but wants fg to act according to public interest.the apex court has spoken and it is final

Lol.

2 Likes

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Penguin2: 7:07pm On Feb 08, 2023
garfield1:


Guy,you are deceiving yourself.the states are not challenging the powers of fg but wants fg to act according to public interest.the apex court has spoken and it is final

No, it’s not final.

Except Buhari was not sincere with the currency redesign if not, I expect him to sign an Executive Order backing up the policy which ensure that the February 10th deadline remains.

By the time the States would be done going from the High Court, Appeal and Supreme Court to challenge the Executive Order, the elections must have come and gone.

And I trust Malami on things like this.

So, don’t rejoice too quickly.

5 Likes

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by garfield1: 7:10pm On Feb 08, 2023
Penguin2:


No, it’s not final.

Except Buhari was not sincere with the currency redesign if not, I expect him to sign an Executive Order backing up the policy which ensure that the February 10th deadline remains.

By the time the States would be done going from the High Court, Appeal and Supreme Court to challenge the Executive Order, the elections must have come and gone.

And I trust Malami on things like this.

So, don’t rejoice too quickly.

What is there is that the deadline have been shifted till 15 and will still likely shift

2 Likes

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by nakaman: 7:20pm On Feb 08, 2023
av been thinking about it.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by tempest01(m): 7:26pm On Feb 08, 2023
Their aim is just to use the supreme court and stall the process until they can buy votes for the elections. After the governorship elections, watch them abandon the process.

1 Like

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by gasparpisciotta: 7:29pm On Feb 08, 2023
In the interest of the general public, we need no further interpretation of the law.

Buhari and Emefiele must be stopped before they plunge Nigeria into another round of chaos

1 Like

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Penguin2: 8:16pm On Feb 08, 2023
gasparpisciotta:
In the interest of the general public, we need no further interpretation of the law.

Buhari and Emefiele must be stopped before they plunge Nigeria into another round of chaos

But unfortunately the case has no merit.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Penguin2: 8:19pm On Feb 08, 2023
garfield1:


What is there is that the deadline have been shifted till 15 and will still likely shift

Buhari met with Emefiele at the villa today. I’ve been expecting the outcome of that meeting since afternoon so I’d know FG and CBN next line of action.

But it would be a shame if the FG allows itself to be bullied into submission by some few states with purely primordial interests.

1 Like 1 Share

Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by garfield1: 8:31pm On Feb 08, 2023
Penguin2:


Buhari met with Emefiele at the villa today. I’ve been expecting the outcome of that meeting since afternoon so I’d know FG and CBN next line of action.

But it would be a shame if the FG allows itself to be bullied into submission by some few states with purely primordial interests.

Oga,don't be in a hurry.the last extension was announced on a Sunday so wait till tomorrow.there is no primordial interest here.majority of the populace are suffering.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Afamed: 8:38pm On Feb 08, 2023
Penguin2:


No, it’s not final.

Except Buhari was not sincere with the currency redesign if not, I expect him to sign an Executive Order backing up the policy which ensure that the February 10th deadline remains.

By the time the States would be done going from the High Court, Appeal and Supreme Court to challenge the Executive Order, the elections must have come and gone.

And I trust Malami on things like this.

So, don’t rejoice too quickly.

Una sabi write nonsense with confidence on social media.

Where were you when Supreme court ruled against the misuse of executive order just few months ago?

Where you dey whem PMB executive order 10 was voids and declared illegal by supreme court just few months ago?

Una go just come on social media dey yan rubbish
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by N3TRAL: 8:42pm On Feb 08, 2023
Penguin2:
Kaduna, Kogi and Zamfara States have taken the Federal Government and the Central Bank of Nigeria to court and gotten an interim injunction restraining the implementation of the February 10th deadline for the withdrawal of old Naira notes.

The judgment has elicited myriads of reactions with most people questioning if the Supreme Court has the jurisdiction to entertain the case and grant such injunction which has made it imperative to look critically at the entire case and its merit.

First, it is pertinent to state that the present policy of the CBN falls under Currency, Coinage and Legal Tender.

Now, Currency, Coinage and Legal Tender is item number 15 on Exclusive List of the constitution. What this means is that only the Federal Government has powers over anything regarding monetary and currency policy and States or sub nationals or federating units have no rights or locus whatsoever to dabble into it.

For clearer understanding, the only time the states can take the Federal Government to Supreme Court are only on issues in the Concurrent List where both the FG and State Governments have power of legislation.

So, in a nutshell, the case instituted by Kaduna, Kogi and Zamfara States at the Supreme Court is standing on faulty foundation as the Supreme Court has no jurisdiction over the case.

The proper thing to do would have been to approach a High Court for Judicial Interpretation of the extent of powers of the CBN and FG as regards currency, coinage and legal tender.

Nlfpmod
Mynd44
Fergie001
Garfield1
Ejimatic

It doesn't work that way.

The exclusive and concurrent lists are more about legislative competence. For instance, it is unconstitutional for the House of Assembly of Kaduna State to pass a law to create a Central Bank of Kaduna State that issues a Kaduna State currency. It is unconstitutional for Abia State to make a law that states that 1 year notice must be given by the CBN before new notes are enforced.


The case of A.G Abia State & ors V. A.G Federation is a classical example that the Supreme Court can exercise its original jurisdiction vested upon it by Section 232 of the Constitution of the Federal Republic of Nigeria 1999 irrespective of what list the subject matter of litigation falls under in the second schedule to the CFRN 1999. In that case, littoral State Governments in Nigeria sued the Federal Government regarding resource allocation and resource sharing. The issues contained elements from the exclusive list especially whether they were to receive allocation for petroleum extracted offshore.

The States won the Federal Government in the case.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Penguin2: 9:16pm On Feb 08, 2023
Afamed:


Una sabi write nonsense with confidence on social media.

Where were you when Supreme court ruled against the misuse of executive order just few months ago?

Where you dey whem PMB executive order 10 was voids and declared illegal by supreme court just few months ago?

Una go just come on social media dey yan rubbish

First, the Supreme Court has no powers or whatsoever to dictate to the Executive how it should sign Executive Orders. Its own is to interpret.

Second, that one Executive Order was voided does not mean that another cannot be signed.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Penguin2: 9:18pm On Feb 08, 2023
N3TRAL:


It doesn't work that way.

The exclusive and concurrent lists are more about legislative competence. For instance, it is unconstitutional for the House of Assembly of Kaduna State to pass a law to create a Central Bank of Kaduna State that issues a Kaduna State currency. It is unconstitutional for Abia State to make a law that states that 1 year notice must be given by the CBN before new notes are enforced.


The case of A.G Abia State & ors V. A.G Federation is a classical example that the Supreme Court can exercise its original jurisdiction vested upon it by Section 232 of the Constitution of the Federal Republic of Nigeria 1999 irrespective of what list the subject matter of litigation falls under in the second schedule to the CFRN 1999. In that case, littoral State Governments in Nigeria sued the Federal Government regarding resource allocation and resource sharing. The issues contained elements from the exclusive list especially whether they were to receive allocation for petroleum extracted offshore.

The States won the Federal Government in the case.

The right place for them to have instituted the case is the High Court, and they know.

These guys just wanted to buy time.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Siwisheswereesh: 9:20pm On Feb 08, 2023
Supreme Court can hear any case! It's their prerogative to reject any case brought before them. smiley
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by N3TRAL: 9:22pm On Feb 08, 2023
Penguin2:

The right place for them to have instituted the case is the High Court, and they know.

These guys just wanted to buy time.

That's the jurisdiction of the Supreme Court.

See Section 232 of CFRN 1999 and Sections 1 and 2 of the Supreme Court (Additional Original Jurisdiction) Act, 2002.

It doesn't fall within the jurisdiction of a high court. Seems as though you didn't even understand what I wrote above.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by N3TRAL: 9:24pm On Feb 08, 2023
Siwisheswereesh:
Supreme Court can hear any case! It's their prerogative to reject any case brought before them. smiley

The Supreme Court cannot hear any case at First instance.

There are only five orginal jurisdictions of the Supreme Court of Nigeria and they are stated in Section 232 of the Constitution of the Federal Republic of Nigeria 1999 and Sections 1&2 of the Supreme Court (Additional Original Jurisdiction) Act, 2002.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by Siwisheswereesh: 9:25pm On Feb 08, 2023
N3TRAL:


The Supreme Court cannot hear any case at First instance.

There are only five orginal jurisdictions of the Supreme Court of Nigeria and they are states in Section 232 of the Constitution of the Federal Republic of Nigeria 1999 and Sections 1&2 of the Supreme Court (Additional Original Jurisdiction) Act, 2002.

Disputes between the states and FG go straight to the Supreme Court.
Re: Naira Redesign: Can States Sue The FG And CBN Over Monetary Policy? by N3TRAL: 9:32pm On Feb 08, 2023
Siwisheswereesh:


Disputes between the states and FG go straight to the Supreme Court.

That's what I've been saying since. Yes!

The supreme court can only entertain 5 classifications of cases at First instance. The case the Governors received an interlocutory decision on today is one of them.

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