Old Naira Note Saga: Supreme Court adjourns CBN’s Naira swap case until Feb 22

The Supreme Court has rescheduled cases filed to challenge and defend the Central Bank of Nigeria’s (CBN) naira redesign policy to Wednesday, February 22.

While some state governments, led by the Kaduna State Government, are challenging the deadline for old notes to cease being legal tender, the federal government, joined by the states of Edo and Bayelsa, is defending the central bank.

The CBN had originally set January 31 as the deadline for old notes to be removed from circulation, but it was extended in response to public pressure.

However, before the February 10 deadline, Kogi, Kaduna and Zamfara States approached the Supreme Court, seeking that the CBN be restrained from going ahead with the deadline.

The court had directed the CBN to rescind its decision pending the hearing of the suit On February 15, but apex court insisted on the deadline, saying on Tuesday that there was no need for another extension.

At the hearing on Wednesday, a seven-man panel presided by Justice Inyang Okoro advised all the state governments represented in the court to follow and abide by the decision to be reached in the motion filed by the Kaduna State Government.

Other states with separate motions on the issue are: Kogi, Zamfara, Niger, Ondo, Ogun.

Abdulhakeem Mustapha (SAN) announced appearance for Kaduna State Government, while Damian Dodo (SAN) represented Bayelsa State, seeking to be joined in the matter as co-defendant. He said the application was filed last Friday.

Edo State also joined as co-defendant with the federal government.

Kanu Agabi and Mahmud Magaji (both SANs) announced appearance for the federal government.

Sam Ologun-Orisa (SAN), representing Katsina was delegated by the court to move on behalf of the states seeking to be joined as co-plaintiffs, while Dodo was asked to move on behalf of states seeking to be joined as co-defendants in the matter.

He moved the application supported by 7 paragraphs and affidavits

The panel ordered the amendment of processes to group states – Katsina, Lagos, Ondo, Ogun, Ekiti, Cross Rivers and Sokoto – joining as co-plaintiffs to the suit by Kaduna State together.

The panel fixed all the suits for hearing on Wednesday, February 22.

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