New naira notes: How things played out in Supreme Court today between Govs, Buhari & CBN before adjournment

Incase you missed the updates, Raw Nigeria presents to you how every thing played out in Supreme Court today between Govs, Buhari & CBN before the suit was adjourned to February 22.

The state governments of Kaduna, Kogi, and Zamfara had, on February 3rd, dragged the Federal Government to the Supreme Court over the naira redesign policy of the Central Bank of Nigeria (CBN), Raw Nigeria reports.

The states urged the Supreme Court to compel President Muhammadu Buhari, the CBN, and commercial banks to rescind the February 10 deadline for the old N200, N500, and N1,000 banknotes as Nigeria’s legal tender.

During the court sitting today, CBN Governor, Godwin Emefiele, explained why there was still a scarcity of the new notes after weeks of unveiling the new currencies.

He said:

“Panic mop up of notes, the CBN has also noticed that some of our leaders are buying the notes and storing them for whatever purposes.

“We have also noticed that some Nigerians are catalysing the time transition to charge exorbitant fees, these selfish actions for personal monetary gains are causes of hardship for Nigerians and come at the expense of lives and livelihood.”

Non-Compliance With Court Order

Speaking during the hearing today, the lawyer standing in for the Kaduna State government, Abdulhakeem Mustapha (SAN), drew the FGN’s alleged flouting of the court order last week by the non-compliance to the extension of the use of the old naira notes.

In a swift response, Kanu Agabi and Mahmud Magaji, all SANs who appeared for the federal government, argued that the claim is based on “rumours out there.”

The panel, however, said the issues could not be attended to immediately until all the processes are filed abs served. But Mustapha insisted that the Federal Government of Nigeria is acting in executive recklessness by ignoring the order.

He, therefore, insisted that the extension should subsist.

The panel advised that the processes be filed and served on Friday and replies on Monday to enable a hearing on Wednesday. Emmanuel Ukala (SAN) sought to move a separate application by the Rivers State Government.

Delivering his ruling, the presiding judge, Justice Inyang Okoro, postponed further hearing till February 22.