The Kano state government has sued Federal government over the naira design policy of the Central Bank of Nigeria.
Recall The jurist on Wednesday reported that the Supreme Court granted an ex-parte application by three northern States and, in the interim, ordered the CBN not to stop the use of old naira on the deadline date of February 10, 2023.
In the suit filed on Thursday, the Kano government prayed to the court for a compulsory reversal of the policy initiated by the Federal Government, which declared the old Naira note of N200, N500 and N1,000 as no more legal tender, while its circulation should be resisted.
According to PUNCH, Kano State Attorney General’s Counsel, Sunusi Musa, SAN, in the suit marked: SC/CS/200/2023, sought the Apex Court’s declaration that the president cannot unilaterally direct the CBN to recall the now-old N200, N500 and N1,000 banknotes without recourse to the Federal Executive Council and National Economic Council, respectively.
The applicant maintained that the policy should be reversed as it affects the economic and commercial well-being of over 20 million Kano indigenes.
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The suit also prayed for a compulsory reversal order by the court to the federal government’s decision on the Naira redesign policy, which allegedly did not complement the 1999 constitution. (As amended)
One of the reliefs reads, “A Declaration that the combined reading of the provisions of section 148(2) of 1999 constitution and Part 1, and Paragraph 19 of the Third Schedule thereof, the President cannot unilaterally without recourse to the Federal Executive Council and National Economic Council respectively give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limit under the demonetization economic policy of the Federal Government of Nigeria.”
In its originating summon, the state government prayed the court to declare the president’s directive to the CBN on the implementation of the cash withdrawal limits policy, which was targeted to demonetise the country, as unconstitutional, illegal, null and void.