Supreme Court adjourns suit on CBN naira swap deadline to Feb 22

The Supreme Court on Wednesday adjourned the suit filed by three state governors on the deadline issued by the Central Bank of Nigeria (CBN) for Nigerians to exchange their old notes for new ones.

The apex court set next Wednesday (February 22) for hearing on the consolidated suits.

The court led by Justice John Okoro joined nine states as parties in the suit filed by Kaduna, Kogi and Zamfara governments challenging the naira swap deadline.

Governors of the states; Nasir El-Rufai, Yahaya Bello and Bello Matawalle were physically present at the hearing today.

The Justice Okoro-led nine-member panel joined the Attorneys General of Katsina Lagos, Ondo, Ogun, Ekiti and Sokoto States as co-plaintiffs.

The Attorneys General of Edo and Bayelsa states were also joined as co-respondents, on the side of the federal government.

The governments of Edo and Bayelsa States had applied to be joined in the suit first instituted by the three governors against the CBN over the deadline given for the expiration of old naira notes as legal tender.

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The two states have, however, decided to support the Federal Government in the suit unlike like Ogun, Ondo, Rivers and Borno that joined the three governors in the originating summons.

The Supreme Court had last week granted an interim order preventing the central bank from discontinuing the use of existing naira notes on February 10.

The ruling of interim injunction was issued amid a severe shortage of the newly redesigned N200, N500, and N1,000 bank notes.

Based on the ex parte plea submitted by three northern States held by the ruling APC, the court temporarily granted the order, rescinding the CBN’s deadline of February 10 to stop the validity of the old versions of the banknotes.

Meanwhile, the CBN Governor, Godwin Emefiele, had stated on Tuesday that there was no need for extension of the 10 February deadline stipulated for the phasing out of the old N200, N500, and N1000 notes stands.

Emefiele insisted that the bank’s position remains unchanged despite the Supreme Court order restraining it from phasing out the old notes as planned.

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