[LIVE UPDATES] Govs vs Buhari, CBN: Supreme Court Takes Fresh Decision On Naira Swap Policy Ruling

The Supreme Court has resumed hearing on the naira redesign case filed by the state governments of Kaduna, Kogi, Zamfara and several others against the Muhammadu Buhari-led administration and the Central Bank of Nigeria (CBN).

The states are urging the Supreme Court to compel President Muhammadu Buhari, the Attorney General of the Federation and Minister of Justice, Abubakar Malami, CBN, and commercial banks to recirculate the old N200, N500, and ₦1,000 banknotes as Nigeria’s legal tender.

Kogi, Zamfara and Kaduna had also filed contempt proceeding against CBN governor, Godwin Emefiele, and Malami for their failure to comply with the Supreme Court order extending the deadline for the use of old N200, N500 and ₦1,000 notes.

It was learnt that in a fresh document filed before the Supreme Court, the three states, who were the original plaintiffs in the suit against the naira swap policy of the Federal Government, warned Malami and Emefiele about the consequences of their continued failure to comply with the apex court’s order of February 3.

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The Supreme Court has fixed March 3rd for the ruling on the naira redesign policy being contested by state governors and the federal government.

The Supreme Court has resumed proceedings after a break over the naira redesign and swap policy brought against the Federal government by some states.

The seven-member panel led by Justice Inyang Okoro admitted Abia State as the 12th state co-plaintiffs after counsel to the Attorney General of the Federation, Tijani Gazalli (SAN) agreed to concede to Abia’s fresh application to join, which he earlier said was not ripe as the office was served in the court.

The court is also set to hear the contempt motion against the Attorneys-General of the Federation and Minister of Justice, Abubakar Malami and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

The Supreme Court panel has taken a break from hearing of the naira redesign and swap policy brought by the state government against the federal government. The seven-member panel of justices led by Justice Inyang Okoro said the move is to allow the exchange of fresh applications by lawyers.

The Supreme Court had begun hearing the matter after announcing 11 states consolidated as co-plaintiffs, alongside Kaduna, Kogi and Zamfara states.

Bayelsa and Edo states remain co-defendant states on the side of the federal government.

The Supreme Court on Wednesday insisted that the dispute over the naira redesign and swap policy must be decided today.

The seven-member panel led by Justice Inyang Okoro said new parties wishing to join the suit would no longer be allowed.

Also, Justice Amina Augie said, “You may file a fresh suit after this suit”. The judge told new parties willing to join suit