At the resumed hearing of the suit challenging the implementation of the naira redesign policy by Nigeria’s Central Bank of Nigeria (CBN) on Wednesday, the Supreme Court was inundated with requests from nine state governors to join the case as co-plaintiffs.
TheNewsGuru.com (TNG) earlier reported that two of the three Governors who filed the suit – Governor Nasir El-Rufai of Kaduna State and his counterpart Yahaya Bello of Kogi state were at the apex court on Wednesday to observe the proceeding. Governor Bello Matawalle of Zamfara state was conspicuously absent.
The nine-man panel led by Justice John Okoro, adjourned the case after hearing a series of joinder applications from seven state governors (six from the APC and one from the Peoples Democratic Party) who expressed interest in the suit.
The states are: Cross River, Ekiti, Katsina, Lagos, Ogun, Ondo and Sokoto states. Two other states – Bayelsa and Edo – also applied to be joined as co-defendants along with the Attorney-General of the Federation who was originally sued as the sole defendant in the suit.
Meanwhile, the Supreme Court’s order on February 8, suspending the implementation of the February 10 deadline set by the CBN to end the legal tender status of the old N200, N500, and N1,000 notes has been flouted.
The National Council of State, last week, also advised the Federal Government to make new naira notes available or re-circulate the old notes to ease the sufferings of Nigerians nationwide as a result of the scarcity of cash.
However, CBN’s Branch Controller in Bauchi Haladu Idris Andaza, insisted on Tuesday that the old notes were no longer legal tender.
“For the avoidance of doubt, we wish to state categorically that CBN is ready and is open to receiving all of those old notes based on certain conditions and criteria. Customers are free to come to the Bank and deposit which they cannot do at the Commercial Banks anymore because the currency has seized to be a legal tender since the 10th of this month,” Andaza said.
He also provided guidelines on how the bank customers still in possession of the old notes can redeem them at any of the CBN branches nationwide.
The Central Bank of Nigeria Governor Godwin Emefiele, also restated the Bank’s commitment to deepening the cashless policy, while briefing Diplomatic Corps on Currency Redesign on Tuesday.
The presidency on Tuesday said that neither the Federal Government nor the CBN had taken a preemptive action on the legality of currency as a legal tender in view of the pendency of the case before the Supreme Court.
Presidential spokesperson, Garba Shehu, in a message sent to journalists said: “The position of the government and the CBN will be made known upon the determination of the suit coming up tomorrow (Wednesday),” he said.
TheNewsGuru.com (TNG) reports that the controversy has caused great confusion among Nigerians and while the old notes have been rejected in some states including Lagos and the FCT, there is a clampdown in others states like Kano and Katsina against persons or business enterprises who reject the old notes as means of legal tender.
With Nigeria’s highly anticipated Presidential election barely 10 days away, It is not immediately clear if the Supreme Court will rule on the matter at the adjourned date, as Nigerians continue to wait in eager expectation.