AGF Seeks S’Court’s Dismissal Of Suit Challenging CBN’s Naira Policy

Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami, has asked the Supreme Court to dismiss a suit filed by three state governments challenging the deadline for phasing out old Naira notes fixed by the Central Bank of Nigeria (CBN).

The AGF through his lawyers, Mahmud Magaji and Tijanni Gazali, filed a preliminary objection on Wednesday, against the suit by three state governments, arguing that the Supreme Court lacks jurisdiction to entertain the case.

Prime Business Africa reports that the Supreme Court on Wednesday issued an interim injunction restraining the Federal Government from suspending the acceptance of the old Naira notes on Friday, February 10, 2023 deadline.

Three State governments – Kogi, Kaduna and Zamfara on Monday, 6th February, filed a suit requesting that the deadline to phase out old ₦1,000, ₦500, ₦200 Naira notes be suspended.

The suit which was against the CBN and the Federal Government, prayed the apex court to bar the duo from implementing the deadline on the naira redesign policy.

The state governments said they are worried about the effects the CBN naira redesign policy is having on the residents of their states.

The CBN had fixed January 31 as the deadline for suspending the use of the old notes, but extended it to February 10, 2023, following President Muhammadu Buhari’s approval due to mass outcry against the deadline.

In the action filed on Wednesday 8th February, the AGF argued that “the plaintiffs have equally not shown reasonable cause of action against the defendant,” and hence, asked the Supreme Court to strike it out for lack of jurisdiction.

The AGF’s lawyers while advancing their case, said that the State Governments’ suit challenges the Federal Government through its agency, the CBN.

They further contended that according to Section 251 of the constitution, as amended, the suit by the three state governments which borders on matters of monetary policy of an agency of the Federal Government falls under the exclusive jurisdiction of the Federal High Court.