By Aminu Kutama
The Kano State Government has filed a suit in the Supreme Court against the Federal Government over the redesigned naira banknotes policy of the Central Bank of Nigeria (CBN).
The State is seeking that the Demonetization Policy of the Federation being currently carried out by the CBN, under the directive of President Muhammadu Buhari, is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.
The Attorney General and Commissioner of Justice, Kano State, M.A Lawan, in an affidavit filed on Thursday, averred that although the naira redesign policy was introduced to encourage the cashless policy of the federal government, it has brought immense hardship and financial uncertainty to the lives of the 20 million people in the State.
Lawan also pointed out that the President cannot unilaterally direct the CBN to recall old notes without recourse to the Federal Executive Council.
Also, the State Government opined that the approval given by the President to the Central Bank of Nigeria (CBN), for the implementation of the demonization policy without recourse to the Federal Executive Council and the National Economic Council respectively is null and void.
The Government therefore sought for a mandatory order reversing the President and CBN’s decision to change the affected naira notes.
The State also sought for the reversal of the policy on withdrawal limits pursuant to the demonization policy.
The issue of naira redesign has generated tension in the country owing to the scarcity of new notes.
The Supreme Court, Wednesday, ordered the CBN not to end the use of old naira notes on 10 February.
A seven-member panel of the court, led by John Okoro, gave the order of interim injunction amid acute scarcity of newly redesigned N200, N500, and N1,000 currency notes.
The court gave the order temporarily, cancelling the CBN’s 10 February deadline to end the validity of the old versions of the banknotes based on an ex parte application filed by three APC controlled states, namely Kaduna, Kogi and Zamfara.
With the latest suit, four states of the APC have now dragged the FG to the apex court over the issue.
