The states of Kaduna, Kogi, and Zamfara have filed a lawsuit against the federal government, seeking a restraining order to prevent the full implementation of the Central Bank of Nigeria’s naira redesign program (CBN).Information Guide Nigeria
In an ex-parte action filed before the Supreme Court, the three states ask for an interim order to prevent the CBN from extending the period during which the old N200, N500, and N1000 notes will cease to be lawful money.
According to the plaintiffs, there has been an acute shortage of new naira notes in their states since the policy’s announcement, and residents who have properly deposited their old currency notes have progressively found it difficult, if not impossible, to obtain them.
The states of Kaduna, Kogi, and Zamfara have filed a lawsuit against the federal government, seeking a restraining order to prevent the full implementation of the Central Bank of Nigeria’s naira redesign program (CBN).
In an ex-parte action filed before the Supreme Court, the three states ask for an interim order to prevent the CBN from extending the period during which the old N200, N500, and N1000 notes will cease to be lawful money.
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According to the plaintiffs, there has been an acute shortage of new naira notes in their states since the policy’s announcement, and residents who have properly deposited their old currency notes have progressively found it difficult, if not impossible, to obtain them.NYSC portal
Asides from the unavailability of the new notes, the plaintiffs also submitted that the notice period given by the federal government was inadequate.
They submitted that the 10-day extension is insufficient to address the challenges plaguing the policy.
The plaintiffs have also filed a motion on notice to abridge the time within which the respondent may file and serve a counter-affidavit for an accelerated hearing.
The states are seeking a declaration that the demonetisation policy of the CBN is not in compliance with the extant provisions of the constitution, and the Central Bank of Nigeria Act, 2007.
They are also seeking a declaration that the three months notice given by the federal government through the CBN is in gross violation of the provisions of Section 20(3) of the CBN Act which specifies that reasonable notice must be given.
They also want the court to declare that by the express provisions of Section 20(3) of the CBN Act, the FG through the CBN has no power to issue a timeline for the acceptance and redeeming of banknotes issued by the bank, except as limited by section 22(1).JAMB Result
Consequently, the plaintiffs want the court to direct the immediate suspension of the demonetisation policy until the relevant provisions of the law are complied with.
