Supreme Court Fixes March 3 for Judgement on Naira Redesign

By Aduragbemi Omiyale

The Supreme Court has fixed Friday, March 3, 2023, for judgement on the suit filed by 11 state governments against the federal government, challenging the Naira redesign policy of the Central Bank of Nigeria (CBN).

At the hearing of the matter today, Wednesday, February 22, 2023, the apex court consolidated the suits filed by the state governments. The first suit was filed by Kaduna, Kogi, and Zamfara States, but others joined.

After hearing the arguments of the parties involved in the matter, the seven-member panel of the Supreme Court led by Justice John Okoro adjourned the case to next week for judgement.

In its argument, the federal government said the apex court lacked jurisdiction to entertain the matter, noting that President Muhammadu Buhari acted in line with the laws of the land.

The central government, represented by Mr Kalu Agabi, questioned the decision of the aggrieved state governments not to join the CBN or its Governor, Mr Godwin Emefiele, in the suit despite making reference to them in the originating summons.

According to him, the matter should have been heard first by the high court, asking the apex court to throw out the case for lack of jurisdiction.

However, the attorney-general of Jigawa State disagreed with this argument, noting that his state government should have been consulted based on Section 148 of the constitution as a federating unit before the implementation of the policy.

His counterpart from Kano State agreed with this argument, noting that the state governor, Mr Abdullahi Ganduje, as a member of the National Economic Council (NEC), should have been consulted on the implementation of the policy.