On Thursday, the government of Kano State filed a lawsuit against the Federal Government in the Supreme Court regarding the Central Bank of Nigeria’s re-design of the naira (CBN).
In suit number SC/CS/200/2023, the Kano State Attorney General, through his Counsel Sunusi Musa, SAN, is asking the apex court to declare that Muhammadu Buhari cannot unilaterally direct the Central Bank of Nigeria to recall the now-outdated N200, N500, and N1,000 banknotes without recourse to the Federal Executive Council and National Economic Council, respectively.
The Kano administration is requesting an injunction mandating a reversal of the Federal Government’s decision to withdraw the N200, N500, and N1,000 notes from circulation since the measure threatens the economic well-being of more than 20 million Kano residents.
The petitioner further seeks an injunction ordering the Federal Government to reverse the naira redesign strategy for claimed noncompliance with the Constitution of 1999. (as amended).
Similarly, the applicant is requesting that the Supreme Court order the Federal Government to revoke the cash swap policy since it purportedly violates the constitution of 1999 and other existing laws.
“A Declaration that the President cannot unilaterally, without recourse to the Federal Executive Council and National Economic Council, give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limits pursuant to the demonetization economic policy of the Federal Government of Nigeria,” the petition reads.
In the originating summons, the Kano State Government also requested a declaration that the president’s directive to the CBN for the implementation of cash withdrawal limits policy in response to the demonetization of the Federal Republic of Nigeria without recourse to FEC and NEC is unconstitutional, illegal, and void.
The petitioner also seeks a required order altering the Federal Government’s policy regarding the recall of outdated currency notes for allegedly failing to comply with the Constitution and other existing laws.
Recall that on Wednesday, the Supreme Court issued an interim order prohibiting the Central Bank of Nigeria (CBN) from discontinuing the usage of old naira notes on February 10, 2023, in response to an ex parte suit by the three applicant states of Kaduna, Kogi, and Zamfara.
