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Supreme Court Delivers Judgement On Naira Swap March 3

The Supreme Court has fixed March 3, 2023 to deliver judgement on suits filed by 16 States challenging the Central Bank of Nigeria’s (CBNs) cashless policy.

This was even as the court ordered the consolidation of the 16 suits against the implementation of the Federal Government's naira swap policy into one.

A seven-member panel led by Justice Inyang Okoro on Wednesday announced the date after taking final arguments from lawyers to parties in the case. 

But a Senior Advocate of Nigeria (SAN) representing Rivers State, Emmanuel Ukala expressed dissatisfaction with the consolidation. 

He emphasised the need for the suit to be heard without any encumbrances since the matter centered on the same issue.

All the states in their respective motions concurred with the three aggrieved states of Kaduna, Kogi and Zamfara that started the legal fireworks. 

The 16 states are Kaduna, Kogi, Zamfara, Ondo, Ekiti, Katsina, Ogun, Cross River, Lagos, Sokoto, Rivers, Kano, Nasarawa, Abia, Jigawa and Niger. 

Counsels representing Edo and Bayelsa had told the apex court that they were in support of the cashless policy regime and sought to be joined as respondents.

The court had on Wednesday, 8 February halted the Federal Government from implementing the February 10 deadline for the phase-out of old naira. 

In an ex-parte motion filed on February 3, 2023, the three northern states of Kaduna, Kogi and Zamfara had through their lawyer, AbdulHakeem Mustapha (SAN) requested the apex court to stop the CBN naira redesign policy.

But a seven-man panel of the apex court led by Justice John Okoro, in a unanimous ruling, granted an interim injunction restraining the FG, CBN and commercial banks from implementing the February 10, deadline to ban the use of old 200, 500 and 1000 naira notes as a legal tender.

The court held that the FG, CBN and commercial banks must not continue with the deadline pending the determination of the suit on February 15.

To this end, the court fixed Wednesday, February 22 for hearing of the suits against the CBN. 

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