Naira swap: Ondo, Kano join others suit against FG at Supreme Court

Kano State and Ondo State have joined Kaduna, Kogi, and Zamfara state suit at the Supreme Court against the Federal Government of Nigeria.Information Guide Nigeria

THE GUARDIAN reports that this is about the new naira swap deadline set by the Central Bank of Nigeria (CBN).

The apex court has issued an exparte order restraining the Federal government and CBN from enforcing the Friday, February 10 deadline.

According to THE GUARDIAN, in a Suit Number: SC/CS/200/2023, filed Thursday evening, the Kano State Attorney General, through his Counsel, Sunusi Musa (SAN) is seeking the Apex court to declare that the President of Nigeria, cannot unilaterally direct the Central Bank of Nigeria to recall the now N200, N500 and N500 old Bank notes without recourse to the Federal Executive Council and National Economic Council, respectively.

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Sunusi Musa (SAN) seeks a mandatory order, compelling the Federal Government of Nigeria to reverse the Naira redesign policy for alleged failure to comply with 1999 (as amended) constitution of the Federal Republic of Nigeria.

Kano state Government is also seeking a mandatory order for a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation.

The Attorney-General of Ondo State, Charles Titiloye in an originating summon prayed the Supreme Court to stop the implementation of the directive issued by federal government through the Central Bank of Nigeria on limitation of daily cash withdrawals from banks.NYSC portal

He lamented that the policy has totally paralysed and brought to a standstill the activities of Ondo State Government and adversely affected economic and commercial activities in the state.

According to THE GUARDIAN, the Ondo State Government also asked the Supreme Court to decide whether the guidelines issued by the federal government on maximum daily cash withdrawal and the continuous suffering of Nigerians is not in conflict with the express provision of section 2 of the Money Laundering Act, Sections 20, 39 and 42 of the Central Bank of Nigeria Act.

Ondo government stated that “Consequently the policy of the Federal Government has totally paralysed the economy of the state.”JAMB Result

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