Kano sues FG, seeks reversal of naira redesign policy - Uju Ayalogu's Blog for News, Reviews, Articles and More

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Friday 10 February 2023

Kano sues FG, seeks reversal of naira redesign policy

Kano sues FG, seeks reversal of naira redesign policy

The Kano state government has filed a suit against the federal government over the naira redesign by the Central Bank of Nigeria (CBN).

The suit marked SC/CS/200/2023, was filed before the supreme court on Thursday.

The state’s attorney-general, through his lawyer, Sunusi Musa, is arguing that President Muhammadu Buhari cannot direct the CBN to recall the old N200, N500 and N1,000 banknotes without first consulting the federal executive council and the national economic council.

Kano is seeking an order of the court mandating the federal government to reverse the policy to recall the old N200, N500 and N1,000 notes from circulation.

The state submits that the policy affects the economic well-being of over 20 million Kano residents.

The state is also seeking an order to compel the federal government to reverse the naira redesign policy, alleging that it violates the 1999 constitution.

“A Declaration that the combined reading of the provisions of the 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 pursuant to the demonetization economic policy of the Federal Government of Nigeria,” the suit reads.

The plaintiff is further praying the court for a declaration that the president’s directive to the CBN for the implementation of the new cash withdrawal limits policy pursuant to the demonetisation of Federal Republic of Nigeria without recourse to FEC and NEC respectively is “unconstitutional, illegal, null and void”.

The suit by the Kano state government is coming days after Kaduna, Kogi, and Zamfara filed a legal action against FG to stop the full implementation of the policy.

The supreme court, while ruling on an ex parte application by the three northern states, temporarily restrained the federal government from banning the use of the old naira notes from February 10, 2023.

However, the federal government has filed a preliminary objection to the suit arguing that the court lacks the requisite jurisdiction to entertain the matter.

READ ALSO:  Money bouquet now form of naira abuse, says CBN

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