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Naira: The Supreme Court informs FG that we will not be your scapegoat, states

On Wednesday, the Supreme Court stated that it would not permit the federal and state governments to use the judiciary as a scapegoat in the ongoing legal battle over whether or not the N200, N500, and N1,000 old banknotes should be used as legal tender.

The declaration was made by Justice Inyang Okoro, who is leading a seven-man panel of the supreme court. He made the declaration while consolidating a number of lawsuits that various states had filed to halt the full implementation of the Naira swap policy, which the Central Bank of Nigeria, or CBN, recently introduced.

The court had lamented the fact that the dispute had placed the judiciary in the center of the storm shortly before ceasing its proceedings to allow all of the states it joined as interested parties in the matter to regularize their processes.
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Onigbanjo mentioned that the development may delay the planned hearing of the states’ consolidated suits.

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The apex court panel reiterated its resolve to ensure that the matter is quickly heard and decided, allowing Onigbanjo to conclude his argument.

“We need to make plainly we will hear this matter today since we don’t need what is happening where the legal executive will be made a substitute.

They want to use the judiciary as a scapegoat given the current state of affairs, but we cannot allow that.

“We will listen to everything and make a decision. Justice Okoro, the panel’s leader, stated, “We will also hear it today if you have a contempt proceeding.”

Even though the court initially stated that it would no longer permit any state to join the case as an interested party, when it resumed its proceedings following the break, it approved an Abia State joinder application.

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Mrs. Udochi Iheanachor, Abia state’s attorney, informed the court that her client had submitted an application on Tuesday seeking permission to join other states challenging the CBN’s new monetary policy.

The apex court declined Plateau State’s request to join the lawsuit.

It requested that all other nations wait for its decision.

In the meantime, Zamfara State’s attorney, Mr. Abiodun Owonikoko (SAN), urged the Supreme Court to overturn President Muhammadu Buhari’s February 16 broadcast, in which he authorized only the old N200 banknote to remain legal tender until April 10.

Owonikoko argued that the President’s order violated the Supreme Court’s interim order, which prevented the Federal Government from fully implementing the CBN’s monetary policy, directly.
FG seeks dismissal, but the Federation’s Attorney General and Minister of Justice, Mr. Abubakar Malami, argued that the plaintiffs’ case should be dismissed because the Supreme Court lacked competence.

The AGF argued in his preliminary objection, which was brought by Mr. Tijjani Gazali (SAN), that the Supreme Court did not have the authority to hear the dispute.

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Malami accused the plaintiffs of opposing FG’s authority to introduce new banknotes through its agency, the CBN, in his grounds for challenging the Supreme Court’s ability to intervene in the matter.

“The plaintiffs’ suit is about the power vested in the Central Bank of Nigeria by the Central Bank of Nigeria Act, 2007 to call in its banknotes and introduce new ones,” he says.

“Due to the subject matter and parties, this suit, in its current form, falls under section 251(1)(a)(p)(q)&(r) of the Constitution, giving the Federal High Court exclusive jurisdiction.

The claims or reliefs are made against the Federal Government and the Central Bank of Nigeria, not the Federation.

The Nigerian Federal Government is distinct from the Nigerian Federation or the Nigerian Federal Republic. The offended parties have no complaint at all against the Organization of Nigeria.

“No dispute that invokes this Court’s original jurisdiction as defined by the Constitution has been disclosed in this suit.” This lawsuit is a violation of the law.

“The plaintiffs cannot bring this action because they lack locus standi.”

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