Fakoyejo OlalekanThe Federal Government has stated that it will obey the ruling of the Supreme Court, as it makes plan to get the order set aside on Wednesday, 15 February 2023.
According to the Attorney General of the Federation and Minister of Justice, Abubakar Malami, the government will not impose the deadline of 10 February 2023 to phase out the old Naira.
Prime Business Africa had reported that the Supreme Court ordered that the legal status of the old N200, N500 and N1,000 notes should maintain status quo pending its judgement in the case filed by Kaduna, Kogi and Zamfara governments against FG on Wednesday.
While the Central Bank of Nigeria (CBN) has kept mute on the Supreme Court ruling, Malami said the old Naira notes will remain legal until Wednesday, he said in an interview with Arise TV.
“The rule of law provides that there has to be obedience to the judgement and orders of the Supreme Court. The rule of law provides that when you are not happy with a ruling you can file an application for setting it aside and in compliance with the rights and privileges vested in us as a government, we are equally looking at challenging the order and seeking for it to be set aside.”
READ: CBN Sets Limit For GTBank, Zenith Bank, Others On New Naira Withdrawal
Malami also stated that the government is looking to contest the jurisdiction of the Supreme Court in the matter, as the state governments failed to join the CBN in the suit.
“The order was granted by the Supreme Court and the order incidentally lapses on Wednesday, which is the day of the hearing, with that position in mind we have taken steps to file an objection challenging the jurisdiction of the court to entertain the matter.”
He explained, “Jurisdiction on the grounds that when you talk of monetary policy, regardless of the characters they take, the central bank is an indispensable and a necessary party for that matter.
“What we have at hand is a situation where the central bank was not joined as a party and if the central bank as an institution was not joined as a party, the position of the law is clear that the original jurisdiction of the Supreme Court cannot be properly invoked.
“So, we have given consideration to diverse issues, inclusive of the issue of jurisdiction, and come Wednesday we will argue the case from that perspective, among others.
“I think what we are talking about is not whether the ruling is binding or not binding, we are talking about what we intend to do, there is no doubt about the fact that the ruling of the Supreme Court, regardless of the prevailing circumstances, is binding and then within the context of the rule of law.
READ: UPDATED: Print New Notes Or Release Old Naira – State Council
“You can equally take steps that are available to you within the context of the spirit and circumstances of the rule of law.
“And what we are doing in essence is in compliance with the rule of law both in terms of obedience to the ruling and in terms of challenging the ruling by way of putting across our own side of the story, putting across our case, challenging jurisdiction.
“So the issue of obedience to the ruling of the Supreme Court is out of it. We are wholeheartedly in agreement that naturally, we are bound by it and will comply accordingly. But within the context of compliance, we shall challenge the ruling by way of filing an application seeking for it to be set aside, it is all about the rule of law,” Malami said addressing the plan of FG.
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