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Naira Redesign policy of the Federal Government

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Naira Redesign policy of the Federal Government

Naira Redesign policy of the Federal Government

 Apex Court adjourns judgement on naira redesign suit after hearing arguments for and against it on

Wednesday, till after presidential election.

 

The Supreme Court has fixed the 3rd of next month, for judgement in a suit instituted by the Attorneys

General of Kaduna, Kogi and Zamfara States, challenging the Naira Redesign policy of the Federal

Government.

 

 

Other States joined in suit by the Supreme Court upon their request include the Attorneys General of

Katsina, Lagos, Cross Rivers, Ogun, Ekiti, Ondo, and Sokoto. Six other States that subsequently filed various

suits against the Federal Government’s demonetization  policy, and whose cases were consolidated were;

Rivers, Kano, Niger, Nasarawa, Jigawa, and Abia.

 

UPDATED: Supreme Court adjourns judgement on naira redesign suit till after presidential election

Justice Inyang Okoro of the court fixed the date after taking arguments from counsels in the matter.

The government of Kaduna, Kogi and Zamfara states draged the attorney-general of the federation

and the Central Bank of Nigeria, CBN, before the apex court over the policy.

 

Also, during the proceedings, the court said it will resist being used as a scapegoat due to the old naira

notes case brought before . The apex court was reacting to a plea from the Attorney General of Lagos

State, Moyosore Onigbanjo, against the Attorney General of the Federation, Abubakar Malami.

 

Onigbanjo accused Malami of acting in contempt of initial court orders, thereby, asking Justice Inyang

Okoro to prohibit the Attorney General of the Federation from representing the Federal Government

that was sued by 10 state governments over the handling of the deadline to phase out the old Naira

notes.

At the last adjourned date, more states joined as plaintiffs in the matter and the apex court made an

order stopping the FG to from going ahead with the policy. On the 8th of this month, the Supreme

Court stopped the CBN from giving effect to the deadline on the use of old notes after an ex parte

application was brought by the three states.

 

In the suit before the apex court, the states argued that the implementation of the policy had caused

untold hardship on residents. The AGF, who is the sole respondent, had also filed a preliminary objection

to the suit, arguing that the supreme court lacks the jurisdiction to entertain the matter.

Naira Redesign policy of the Federal Government

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