Naira Redesign: Kano State Government Takes FG To Court

The Kano State Government has launched a lawsuit before the Supreme Court against the Federal Government of Nigeria, regarding the Central Bank of Nigeria’s (CBN) Naira redesign strategy.

The Kano State Attorney General requested that the Supreme Court rule that the President of Nigeria cannot unilaterally order the Central Bank of Nigeria to recall the N200, N500, and N1000 old Bank notes without first consulting the Federal Executive Council and National Economic Council in a case with the case number SC/CS/200/2023.

The government of Kano state requested a mandatory order in an effort to overturn the federal government’s decision to remove the N200, N500, and N1,000 notes from circulation because it would negatively impact the financial situation of more than 20 million of its residents.

The applicant also requested a required injunction for the Federal Government to change its stance on the redesign of the Naira due to claimed violations of the Federal Republic of Nigeria’s 1999 constitution (as amended).

The applicant further sought for obligatory relief, asking the Supreme Court to order the Federal Government of Nigeria to change its cash swap policy since it purportedly violates the FRN Constitution from 1999 and other existing laws.

“A Declaration that the combine reading of the provisions of the section 148(2) of 1999 constitution and Part 1, and Paragraph 19 of the Third Schedule thereof, the President cannot unilaterally without recourse to the Federal Executive Council and National Economic Council respectively give approval to the Central Bank of Nigeria for the implementation of cash withdrawal limit pursuant to the demonetization economic policy of the Federal Government of Nigeria.”

The Kano State Government also requested a declaration that the Federal Republic of Nigeria’s demonetization policy implementation directive from the President to the Central Bank of Nigeria (CBN) without consulting the Federal Executive Council and National Economic Council, respectively, is unconstitutional, illegal, null, and void.

The petitioner is also pleading for a court order that would make the Federal Government stop its practice of recalling old banknotes for allegedly breaking the terms of the Constitution and other existing laws.

Nigerian politicians have never been worried about or opposed policy proposed by the Federal Government like they are over the Naira redesign policy. ‘E be like this one reach everybody side’.