The Kano State Government has sued the Federal Government of Nigeria to the Supreme Court over the Naira redesign policy of the CBN.
The Kano State Attorney-General, who filed the lawsuit through his Counsel, Sunusi Musa (SAN), stated that the state government is seeking the Supreme Court to declare that the President of Nigeria cannot solely direct the Central Bank of Nigeria to recall the now N200, N500, and N500 old Bank notes without recourse to the Federal Executive Council and National Economic Council, respectively.
In the suit, the state government is among other things asking the court for a mandatory order seeking a reversal of the Federal Government policy to end the circulation of the old N200, N500 and N1,000 notes.
According to the lawsuit, the Kano State government believes that this will greatly affect the economic well-being of the over 20 million residents in the state.
The state government also begs the apex court to compel the Federal Government to do away with the Naira redesign policy as it is not in compliance with the 1999 (as amended) constitution of the Federal Republic of Nigeria.
The Kano State government is also requesting the Supreme Court to mandate the Federal government to revoke the Cash swap policy which it implemented through the CBN.
“A Declaration that the combine reading of the provisions of the section 148(2) of 1999 constitution and Part 1, and Pharagraph 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.”
In Originating summon, the Kano State government further asked the court to declare unconstitutional and invalid the President’s directive to the CBN for the implementation of cash withdrawal limits policy, which is pursuant to the demonetization of the Federal Republic of Nigeria without recourse to the Federal Executive Council and National Economic Council, respectively.
According to the State government of Kano, the policy of the Federal Government on the recall of the old currency notes is in defiance to provisions of the Nigerian Constitution and other existent laws.
Kano has thus joined other northern states to sue the Federal government to court over the Naira swap policy.