Politics
NAIRA REDESIGN: Supreme Court says states not wrong excluding CBN from suit
The Supreme Court has maintained that the decision of all the plaintiffs to exclude the Central Bank of Nigeria (CBN) as a necessary party in the lawsuit filed against the naira redesign policy was right.
This was as the apex court also dismissed the preliminary objection of the Nigerian government challenging its jurisdiction to hear the suit filed to ban the use of old N200, N500 and N1000 banknotes as legal tenders in the country.
The apex court, in its lead judgement that was delivered by Justice Emmanuel Agim, on Friday, invalidated the claim of the Nigerian government.
Agim said the case brought for determination bordered on alleged failure by President Muhammadu Buhari to comply with the provisions of the 1999 constitution (as amended) in the exercise of his Executive powers.
Read also:El-Rufai, Yahaya Bello at Supreme Court for naira redesign policy judgment
He held that the suit qualified as a dispute between FG and the federating states, to which the Supreme Court has exclusive and original jurisdiction to determine.
The verdict noted: “It is glaring that the CBN has no power to introduce new Naira if there is not directive by the President. The CBN is an agency of the Federal Government.
“The suit as constituted could be effectively determined without joinder of the CBN.
“In the light of the foregoing, I hold that all the preliminary objections lacked merit and they are accordingly dismissed.”
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