The Supreme Court Wednesday morning ordered an immediate suspension of the Central Bank of Nigeria’s policy on new Naira notes.
The apex court’s decision was sequel to a suit instituted by three state governments.
Zamfara, Kogi and Kaduna states had on Monday dragged the Federal Government to court asking the court to stop the implementation of the new Naira policy.
There have been uproar over the new policy.
In their originating summons, the three states through their Attorneys General, are asking the court to compel the Federal Government, through its agent, the Central Bank of Nigeria to suspend its new naira note policy.
The plaintiffs are asking in their suit, “Whether the demonitization Policy of the Federation viz: the withdrawal of the old N1000, N500 and N200 Bank Notes being carried out by the Federal Government of Nigeria through the Central Bank of Nigeria, under the directive of the President of the Federal Republic of Nigeria is in compliance with the provision of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and the extant laws on the subject?
“Whether the 3-month Notice given by the Federal Government of Nigeria through the Central Bank of Nigeria under the directive of the President of the Federal Republic of Nigeria, the expiration of which the old Bank Notes shall cease to be a legal tender, satisfies the provision of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that “Reasonable Notice” be given by the Central Bank before it can call in its banknotes and after which same cease to be legal tender?
