On Wednesday, the Supreme Court adjourned the decision in the case involving the new naira policy until March 3, 2023.
After the top court’s ruling, Nigerians will now have to wait for the court to render a favorable judgment, which they hope will lessen their suffering, especially consumer and business groups, professional and trade unions.
The deadline for exchanging old naira notes for new ones was set for February 10 by the Federal Government, but the Central Bank of Nigeria declined to change it when the Supreme Court prevented it from doing so on February 8.
The injunction followed a lawsuit brought on February 3 by the state governments of Zamfara, Kogi, and Kaduna against the Attorney-General of the Federation.
Co-plaintiffs in the lawsuit now also include the states of Lagos, Ondo, Ekiti, Kano, Sokoto, Ogun, and Cross River.
Kanu Agabi, the Federal Government’s legal representative, stated that the Supreme Court had ruled that section 20 of the CBN Act served as the foundation for all reliefs during the day’s oral arguments.
He argued that the apex court has no jurisdiction to hear the suit as the action cannot commence with an Originating Summons.
He further said that despite mentioning the CBN 32 times in their original summons and seven of the requested reliefs relating to it, the plaintiffs did not feel it appropriate to have the national bank appear in court as a respondent.
He said that Nigerians were already refusing the old notes in response to the President’s order.
Agabi argued that President Buhari was following the court’s ruling when he asked Nigerians to deposit their old naira at CBN-designated locations and that the president had the constitutional authority to reject any law.