Nigerian Supreme Court, on Wednesday adjourned the new naira policy suit to March 3, 2023 for judgement as the court did not do much on the contempt application filed by the plaintiffs against AGF Abubakar Malami and CBN governor, Godwin Emefiele.
Responding to counsel for Lagos State, Moyosore Onigbanjo on the issue of contempt, Justice John Okoro, said: “You are not a stranger to this country. We don’t want a situation where the judiciary will be a scapegoat. We refuse to be the scapegoat.”
In view of this decision, Nigerians, especially consumer and business groups as well as professional and trade unions looking up to the apex court for a favorable decision on Wednesday that they expect will ameliorate their suffering, will have to wait.
The Supreme Court had on February 8 restrained the Federal Government of Nigeria from implementing the February 10 deadline for swapping the old naira notes with new ones, but the Central Bank of Nigeria refused to shift the deadline.
The injunction was sequel to a suit filed by Zamfara, Kogi and Kaduna state governments against the Attorney-General of the Federation on February 3 which seven other states have joined as co plaintiffs.
The states led by Kaduna, Kogi and Zamfara are praying the Apex Court to void and set aside the policy as they accused Buhari of usurping the function of the Central Bank of Nigeria.
While taking arguments on Wednesday, counsel for the Federal Government, Kanu Agabi, said the Supreme Court held that all reliefs are rooted in section 20 of the CBN Act.
He argued that the apex court has no jurisdiction to hear the suit as the action cannot commence with an Originating Summons.
He also contended that the plaintiffs did not deem it fit to the CBN to court as a respondent despite making reference to the apex bank 32 times in their originating summons and despite the fact that seven of the reliefs sought relate to the CBN.
He asserted that Nigerians were already turning down the old notes way the President’s directive.
Agabi also asserted that by asking Nigerians to deposit their old naira at the CBN designated centres, the president was abiding by the court order and that Buhari is empowered under the constitution to veto any legislation.