Kaduna, Kogi and Zamfara States have approached the court to grant them an interim injunction stopping the Federal Government of Nigeria and the Central Bank of Nigeria from ending the circulation of old N200, N500 and N1000 denominations on February 10, 2023.
In a motion ex-parte filed before the Supreme Court, the three states are praying the court to grant an interim injunction stopping the CBN from ending the timeframe within which the old notes will cease to be legal tender.
The plaintiffs in the matter are the three Attorneys-General and Commissioners of Justice of the three states, while the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), is the sole tespondent.
The plaintiffs maintained that the ten-day extension by the Federal Government is still insufficient to address the challenges thrown up by the policy.
The are therefore seeking a declaration that the Demonetization Policy of the Federation being currently carried out by the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.
They are also asking the court to make a declaration that the three-month notice given by the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old Naira notes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that Reasonable Notice must be given before such a policy.
No date has been fixed for hearing of the suit
The CBN Governor at a press conference in Lagos on Friday insisted that the apex bank will not extend the deadline for swapping of the old naira notes with the newly redesigned ones.
