In relation to the Central Bank of Nigeria’s naira redesign policy, the Kano State Government filed a lawsuit against the Federal Government in the Supreme Court on Thursday night.
The Kano State Attorney General is requesting that the Supreme Court rule that President Muhammadu Buhari cannot unilaterally order the Central Bank to recall the now-outdated N200, N500, and N1,000 banknotes without first consulting the Federal Executive Council and National Economic Council, respectively, in suit number: SC/CS/200/2023, sighted by a source.
Due to the policy’s negative effects on the economic wellbeing of more than 20 million Kano residents, the Kano government is requesting a mandatory order to reverse the Federal Government’s decision to remove the N200, N500, and N1,000 notes from circulation.
The applicant is also requesting a mandatory order compelling the Federal Government to reverse its policy regarding the naira redesign because it is alleged to be in violation of the 1999 Constitution (as amended).
In a similar vein, the applicant is pleading with the Supreme Court to issue an order compelling the Federal Government to change its cash swap policy because it allegedly violates the 1999 Constitution and other laws currently in effect.
“A Declaration that the combined reading of the provisions of the section 148(2) of 1999 constitution and Part 1, and Paragraph 19 of the Third Schedule thereof, the President cannot unilaterally without recourse to the Federal Executive Council and National Economic Council respectively give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limit pursuant to the demonetization economic policy of the Federal Government of Nigeria,” the suit read.
In the originating summon, the Kano State Government, further prayed for a declaration, that the president’s directive to the CBN for the implementation of cash withdrawal limits policy pursuant to the demonetisation of Federal Republic of Nigeria without recourse to FEC and NEC respectively is unconstitutional, illegal null and void.
The applicant is also praying for a mandatory order reversing the policy of the Federal Government on the recall of the old currency notes for allegedly failure to comply with the provisions of Constituiton and other extant legislation.
Recall that on Wednesday, the Supreme Court gave an interim order to the CBN not to end the use of old naira notes on February 10, 2023 in an ex-parte application by the three applicant states including Kaduna, Kogi and Zamfara.