The Supreme Court this morning adjourned hearing till 22 February in a suit filed by Kaduna, Kogi and Zamfara States against the Federal Government seeking a restraining order to stop the full implementation of the Naira redesign policy of the Central Bank of Nigeria (CBN).
Last Wednesday, the apex court had restrained the Federal Government from implementing the 10 February deadline of the old N200, N500 and N1,000 notes to stop being legal tender.
The three states had in a motion ex-parte filed on 3 February, praying the Supreme Court to halt CBN Naira redesign policy.
At the sitting on Wednesday, the Supreme Court joined eight other states as parties in the suit, as Governors Nasir el-Rufai (Kaduna) and Yahaya Bello (Kogi) attended the court proceedings.
The Justice John Okoro-led nine-member panel joined the Attorneys General of Katsina, Lagos, Ondo, Ogun, Ekiti and Sokoto States as co-plaintiffs.
The Attorneys General of Edo and Bayelsa states were joined as co-respondents.
The court ordered the original plaintiffs and the respondent – the Attorney General of the Federation – to amend the processes already filed to reflect the new parties.
In a unanimous ruling last Wednesday, the court granted an interim injunction restraining the Federal Government, the CBN, commercial banks and others from implementing the 10 February deadline.
It further held that the Federal Government, the CBN and commercial banks must not continue with the deadline pending the determination of a notice on notice on in respect of the issue today.
By that ruling, the old Naira notes continue to be legal tenders in Nigeria. The CBN has however insisted that the 10 February deadline stays.
The Presidency however said that neither the Federal Government nor the CBN had taken a stand on the continued use of the old N200, N500 and N1,000 notes as legal tenders seeing that the case is still pending before the Supreme Court.
The Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu said that the Federal Government would make its position on the new Naira policy known after the determination of the suit on Wednesday.
In a response to The PUNCH on Tuesday, the presidential spokesman said: “Following series of enquiries, we wish to state that it is not true that the FG or the CBN has taken a pre-emptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.
“We wish to state that it is not true that the Federal Government or the Central Bank of Nigeria, CBN have taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.
“The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow”.
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