NewsNaira Swap: Malami Asks Supreme Court To Dismiss Suit Against CBN

Naira Swap: Malami Asks Supreme Court To Dismiss Suit Against CBN


February 09, (THEWILL) – The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN), has filed a preliminary objection against a suit challenging the Central Bank of Nigeria (CBN)’s deadline to stop the use of old N200, N500 and N1000 notes as legal tender from February 10, 2023.

Earlier, the apex court granted an ex parte motion filed by the governments of Kaduna, Kogi and Zamfara states, seeking “an interim Injunction restraining the federal government through the Central Bank of Nigeria (CBN) or the commercial banks from suspending or determining or ending on February 10, 2023, the time frame with which the now older version of the 200, 500 and 1000 denomination of the naira may no longer serve as legal tender, pending the hearing and determination of their motion on notice for an interlocutory injunction.”

The court subsequently fixed February 15, for the Attorney-General of the Federation to show cause why the deadline should not be further extended before the next adjourned date.

The government of Rivers State has also stated it would join the matter as an interested party.

But in their processes, the AGF’s counsels, Mahmud Magaji and Tijanni Gazali (SAN), urged the court to decline jurisdiction on the suit against the CBN policy.

They contended that the court of first instance on the matter is the Federal High Court.

“The claims or reliefs are not against the Federation, but the Federal Government and its Agency, the CBN.

“The Federal Government of Nigeria is distinct from the Federation or the Federal Republic of Nigeria. The Plaintiffs have no grievance whatsoever against the Federation of Nigeria.

“This suit has disclosed no dispute that invokes this (Supreme) Court’s original jurisdiction as constitutionally defined”, the counsel’s stated, adding the apex court should strike out the suit for lack of jurisdiction.

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