Kano State Government has urged the Supreme Court to restrain the Federal government and the Central Bank of Nigeria from implementing the naira swap policy. The suit SC/CS/200/2023, filed by Sunusi Musa, SAN, counsel for the Kano State government wants the Court to invalidate President Muhammadu Buhari’s directives to the CBN to redesign the naira notes and recall the old N200, N500 and N1,000 notes, because it contravened the Nigerian constitution. “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 listed.
The suit is also asking the Supreme Court to declare null and void the CBN’s cash withdrawal limits. Kaduna, Zamfara and Kogi States filed a similar suit and on Wednesday the Supreme Court ordered the FG and the CBN to suspend the implementation of the cash swap policy until the suit is determined on February 15. Though the Federal government opposed the ruling, it said that they abide by court order.
