The Supreme Court of Nigeria will on 3rd march 2023 deliver judgement on the suit filed by sixteen State Governors challenging the Naira redesign policy of the Nigerian government.
Justice John Okoro while leading the seven man panel of justices announced the date after hearing arguments from both counsels to the plaintiffs and the defense counsels.
The plaintiffs had in a motion exparte filed on February 3rd, prayed the Apex court to halt the Naira redesign policy of the Central Bank of Nigeria.
At the resumed hearing Wednesday, the Apex Court consolidated the suits filed by plaintiffs against the Nigerian Government challenging the implementation of the Naira redesign.
The plaintiffs in the suit are Kaduna, Kogi, Zamfara others who are consolidated in the suits are Sokoto, Ondo, Lagos, Katsina, Cross River, Ogun, Rivers, Jigawa, Nasarawa, Abia and Ekiti, Kano and Niger states.
The defendants are Attorney General of the Federation, Bayelsa and Edo states.
The plaintiffs adopted all the process and urged the Court to dismiss the matter and grant all the prayers sought by the plaintiffs.
Abdulhakeem Mustapha who led counsel to the Plaintiffs seeks the court to set aside the directives of the president on Naira policy.
The counsels further urged the defendants to comply with the supreme court order of allowing transaction with the old 1000, 500, and 200 Naira notes pending the determination of the suit.
They pointed out that, the defendants’ Naira redesign policy has significantly impacted negativity to the various plaintiffs in carrying out their constitutional responsibility as state governments.
They urged the court dismiss all the preliniminary objections of the defendants and grant to the reliefs of the plaintiffs.
The counsels believes that the policy did not comply with the constitution because the president did not consult with relevant members of the national economic council.
They urged the court to dismiss the defendants’ policy and safe democracy.
Counsel to the defendants Kanu Agabi while arguing on the matter said all processes were filed including that of the plaintiffs originating summons and counter affidavit in opposition to plaintiffs motion to set aside the President directives.
Agabi, said the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act, therefore, the apex court has no jurisdiction to hear the suit as the action cannot commence with an Originating Summons.
He said the president is vested with powers including the power to veto legislation.
Agabi noted that non of the plaintiffs filed their complains on behalf of citizens but state governments.
After listening to their arguments, justice John Okoro fixed March 3 for judgement.
