Supreme Court Begins Hearing On CBN’s Naira Swap Policy

The Supreme Court has begun hearing of the substantive suit on the naira swap policy of the Central Bank of Nigeria (CBN).

Recall that the Zamfara, Kogi, and Kaduna states had instituted the suit against the Federal Government and the CBN over the naira redesign policy which has brought hardship to Nigerians.

Other states such as Niger, Kano, Ondo, Ekiti, and Ogun have also applied to be joined in the suit against the CBN and the federal government.

The states urged the Supreme Court to compel President Muhammadu Buhari, the CBN, and commercial banks to rescind the February 10 deadline for the old N200, N500, and ₦1,000 banknotes as Nigeria’s legal tender.

In a ruling last week Wednesday, the Supreme Court ordered the federal government to halt the implementation of the currency redesign policy pending the determination of the substantive suit.

The apex court also ordered the Federal Government, CBN, and commercial banks from implementing the deadline for the old 200, 500, and 1000 naira notes to stop being legal tender.

The apex court also stopped the three defendants from continuing with the deadline pending the determination of a notice in respect of the issue.

Court proceedings began with Justice John Okoro leading a seven-man panel of the apex court to hear the suit.

In his opening remarks, Justice Okoro said the court should not lose sight of the case and its intention as it affects the suffering of Nigerians.

Lagos State, through its Attorney General, Moyosore Onigbanjo, also applied, seeking to be joined in the suit.

Bayelsa State, led by Damian Dodo, has also applied to be joined in the suit as a respondent. Similarly, Edo State applied to be joined as a respondent.

Also, a retinue of Senior Advocates of Nigeria, other lawyers, and the governors of Kaduna and Kogi states stormed the apex court to witness the hearing.