Naira Scarcity: Latest CBN News, Update On Naira Notes For Feb. 23, 2023

As the controversy associated with the new naira notes rages on, Naija News brings you the latest update on the controversial policy of the Central Bank of Nigeria (CBN).

Naira Crisis: Supreme Court Fixes Judgement For March 3

Judgement for the suit filed by some States against the naira swap policy of the Federal Government has been scheduled for 3 March.

Naija News understands that a nine-member panel led by Justice John Okoro announced the date after taking final arguments from lawyers to parties in the cases.

This platform reported earlier that 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.

Naira Redesign: FG, Edo, Bayelsa Ask Supreme Court To Dismiss 10 States Suit

The Supreme Court has been asked by the Federal Government to dismiss the suit filed against it by ten state governments.

The state governments had filed a suit against the re-designing of the Naira Notes and the implementation of the cashless policy.

The Federal Government held that the Supreme Court lacks the jurisdiction to entertain the suit because the dispute that arose over the Naira Re-designing was not between it and the ten states.

Adding that the suit can lead to the invocation of the Supreme Court’s direct intervention.

A former Attorney General of the Federation, Kanu Agabi (SAN) in his arguments on a preliminary objection said that the anger of the ten states should have been directed at the Central Bank of Nigeria (CBN) responsible solely for the Naira Re-designing.

Agabi on behalf of the Federal Government drew the attention of the Court to the fact that the name of the CBN was mentioned 32 times in the originating summons, yet the ten states did not deem it fit to join the CBN as a defendant in the matter.

The senior lawyer also informed the Court that seven of the reliefs being sought are against CBN, adding that it would be a great injustice to make an order against a party, not before the court.

FG Uncovers Plots To Use Naira Scarcity To Disrupt Elections

The Federal Government has uncovered plots to use the naira scarcity to cause protests and violence during the forthcoming general election.

It stated that the plots are being created largely by the attitude of political actors, their sponsored thugs, and other unpatriotic elements who do not want a peaceful election.

Naija News reports that the National Security Adviser (NSA), Babagana Monguno, made this known on Tuesday during a meeting of the Inter-Agency Consultative Committee on Election Security (ICCES).

Monguno, who was represented by a Deputy Director, Sanusi Galadima, expressed serious concern with the escalation of violence during electioneering campaigns across the country.

He stated that despite the peace accord signed by all the presidential candidates, the forthcoming election should be peaceful and free of violence.