On Wednesday, the decision in the new naira policy case was postponed until March 3, 2023.
Nigerians, particularly consumer and business organizations, professional organizations, and trade unions hoping for a favorable judgment today that will alleviate their suffering will have to wait for the apex court’s decision.
The Federal Government was prevented from implementing the February 10 deadline for replacing the old naira notes by the Supreme Court on February 8, but the Central Bank of Nigeria refused to move the deadline.
The injunction came as a result of a suit that was brought against the Attorney-General of the Federation on February 3 by the governments of the states of Zamfara, Kogi, and Kaduna.
The suit has also been joined by other states as co-plaintiffs, including Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun, and Cross River.
Kanu Agabi, counsel for the Federal Government, stated during Wednesday’s oral argument that the Supreme Court ruled that section 20 of the CBN Act is the foundation for all reliefs.
He argued that the action cannot begin with an Originating Summons, so the supreme court lacks the authority to hear the case.
He also argued that the plaintiffs did not think it was appropriate for the CBN to appear in court as a respondent, despite making 32 references to the apex bank in their initial summons and seven of the requested reliefs relating to the CBN.
He claimed that Nigerians had already rejected the old notes in response to the President’s directive.
Agabi also asserted that the president was adhering to the court’s order by asking Nigerians to deposit their old naira at the CBN-designated centers and that Buhari has the constitutional authority to veto any legislation.