In relation to the Central Bank of Nigeria’s naira redesign policy, the Kano State Government filed a lawsuit against the Federal Government at the Supreme Court on Thursday evening.
Number of suit: According to SC/CS/200/2023, the Attorney General of Kano State is requesting the Supreme Court to rule that the President, Major General Muhammadu Buhari (retd.), cannot unilaterally direct the CBN to recall the out-of-date N200, N500, and N1,000 banknotes without first contacting the National Economic Council and the Federal Executive Council, respectively.
Due to the fact that the Federal Government’s policy of removing N200, N500, and N1,000 notes from circulation negatively impacts the economic well-being of over 20 million Kano citizens, the Kano government is requesting a mandatory order to reverse the policy.
In addition, the applicant is requesting a mandatory order for the Federal Government to reverse the naira redesign policy due to an alleged violation of the 1999 Constitution (as amended).
The applicant is also asking the Supreme Court to force the Federal Government to change its cash swap policy because it allegedly violates other existing laws and the 1999 constitution.
According to the suit, “A Declaration that the combined reading of the provisions of section 148(2) of the 1999 constitution and Part 1, and Paragraph 19 of the Third Schedule thereof, the President cannot unilaterally give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limit pursuant to the demonetization economic policy of the Federal Government of Nigeria,” the President cannot unilaterally give approval to the Central Bank of Nigeria without recourse to the Federal Executive Council and National Economic Council respectively.
The Kano State Government also requested a declaration in the original summons that the president’s directive to the CBN for the implementation of a cash withdrawal limits policy as a result of the demonetization of the Federal Republic of Nigeria without recourse to either the FEC or the NEC was illegal, invalid, and unconstitutional.
The applicant also asks for a mandatory order to reverse the Federal Government’s policy of recalling old currency notes for allegedly not adhering to Constitutional and other existing laws.
In an ex-parte application filed by the three applicant states of Kaduna, Kogi, and Zamfara, the Supreme Court issued an interim order instructing the Central Bank of Nigeria (CBN) not to end the use of old naira notes on February 10, 2023.
