Supreme Court adjourn case on cbn old and new naira notes policy till February 22

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Di redesigned 1000, 500 and 200 Naira notes

Di supreme court don adjourn di suit challenging di naira swap policy of di central bank of Nigeria till next Wednesday, 22 February- three days before di kontri presidential election.

Di Justice John Okoro led seven-man panel on dis day go hear di consolidated suits filed by nine states.

While addressing di court, e assure say di court no go lose sight of di case and im intention as e affect di suffering of Nigerians.

Di Nigeria highest court, wey hear di case on Wednesday, dey filled to capacity with plenti Senior Advocates of Nigeria.

GovnorYahaya Bello of Kogi states, and im counterpart for Kaduna state, Nasir El-Rufai and Yahaya Bello, also show face for di hearing.

For di last hearing, di Court bin temporarily ban di implementation of di 10 February 10 deadline of di CBN from making di old N200, N500 and N1,000 notes legal tender.

Wetin dis mean according to di counsel to di plaintifs, Abdulhakeem Mustapha be say both currencies still remain legal tender for di kontri and If CBN do oda wise, e go mean say dem dey go against di Supreme Court.

Na Zamfara, Kogi and Kaduna states bin sama di suit against di Federal Government and di CBN.

For di hearing on Wednesday, six oda state govnors join di suit wey Kogi, Kaduna, and Zamfara states bin file to challenge di CBN policy.

Di states na Lagos, Ekiti, Osun, Katsina, Ondo, Cross Rivers while Bayelsa and Edo state join to support di Federal goment and CBN as respondents.

Wetin don happun so far

Afta di Supreme Court give di order say make CBN match brake for di old naira notes to stop to be legal tender, di Attorney-General of di Federation (AGF), Abubakar Malami, also ask di Supreme Court to dismiss di suit wey di three state goments file to challenge di naira redesign policy of di Central Bank of Nigeria (CBN).

Di Three Northern States, Kaduna, Kogi and Zamfara, bin file motion ex-parte on February 3rd, say make di top court stop Central Bank of Nigeria (CBN) naira redesign policy.

Motion ex-parte mean say court fit to make decision without hearing from all di parties for di mata, in dis case from di federal goment of Nigeria and di CBN.

But inside di preliminary objection wey di AGF file through im lawyers – Mahmud Magaji and Tijanni Gazali – di Federal Goment argue say di Supreme Court lack jurisdiction to entertain di suit.

Meanwhile On Tuesday, 14 February, local tori begin report say oga of CBN, Godwin Emefiele say no going back on di deadline, but CBN never come out to officially confam or deny di tori.

On di same day, Kano state goment warn say dem no go hesitate to revoke operational licenses of major business owners or take action on anybody wey no gree collect di old naira notes as means of transaction.

Di govnor for statement tok say dem dey aware say some supermarkets, malls, banks, restaurants, hotels, traders for markets, filling stations, motor parks, among odas dey in di habit of rejecting di old notes.

“Make pipo continue with dia normal life and if anybody reject old naira notes from dem make dem report am to us.” Di statement add.

Already, di state plus Kaduna and Zamfara state don begin to crackdown on any business owner wey di reject di money for dia states.

Wetin CBN dey tok?

CBN and President Buhari neva tell Nigerians officially wetin be di next step to take, weda dem abide by di Supreme Court order or not.

But reports say commercial banks don stop to dey collect di old notes based on di guidelines and deadline CBN release earlier.

On Wednesday, CBN again release guideline on how Nigerians fit deposit dia old notes.

According to di latest CBN guidelines, deposit of old notes at any of im branches across di kontri na from February 15 and 17 – Dis na in-line wit dia earlier deadlines dem release before di Supreme Court palava.

But one Senior Advocate of Nigeria Ifedayo Adedipe tell BBC Pidgin say di apex bank dey bound to follow di Supreme Court injunction wey stop di naira redesign policy until di court hear di mata.

Di lawyer tok say di Supreme Court action dey allowed by law.

Adedipe say sake of di injunction by di Supreme Court, di 10 February deadline no go fit happun again. E say di CBN suppose obey di injuction.

“If some set of states dey aggrieved and dem tink say di Supreme Court get di power to listen to dem, until di mata dey looked into, e dey proper make dem preserve di subject mata, na im be wetin just happun,” di lawyer tok.

Barrister Wada Wada, wey be legal practitioner tell BBC News Pidgin say anything wey Supreme court pronounce on 15 February 2023 regarding di suit go be final tok on dis mata.

Di three states wan make di apex court stop di naira re-design policy due to di kata kata wey e cause.

“Supreme Court na di top court for di land and dia pronouncement na final so anything dem tok on Wednesday go bind.”

“If CBN or di federal goment no toe di line of wetin supreme court tok then dat na contempt wey be serious offence.”

Anoda legal practitioner, Barrister Wada Wada, say anything wey Supreme court pronounce regarding di suit go be final tok on dis mata.

“Supreme Court na di top court for di land and dia pronouncement na final so anything dem tok on Wednesday go bind.”

“If CBN or di federal goment no toe di line of wetin supreme court tok then dat na contempt wey be serious offence.”

‘President Buhari 7 days neva expire?

As di issue of old and new naira notes dey cause katakata for di kontri, especially di way wey di new notes dey scarce.

President Muhammadu Buhari on 3 February tell Nigerians to give am seven days to resolve di mata, but uptil now kontri pipo neva still hear from di presidency.

President Buhari say im bin see reports of cash shortage and di effect wey e get on local business and ordinary pipo of di kontri.

According to di president, dem bin plan to use di remaining seven days of di ten-day extension wey CBN give afta di first deadline to address di issues wey dey block di successful implementation of di policy.

Tok-tok pesin for di president, Garba Shehu, release statement afta members of di Progressive Govnors Forum visit di president. For di statement, President Buhari say di currency redesign go “boost di economy and provide long-term benefits” to di kontri.

“Some banks dey inefficient and only dey concerned about demselves”, na so di President tok. “Even if dem add one year, problems wey dey associated with selfishness and greed no go go away.”

As di mata be, Nigerians and banks dey wait to hear from President Muhammadu Buhari and di CBN to know if dem go still dey spend dia old naira notes or e go cease to legal tender afta today.

Gbege wey di new design policy cause

Di policy cause kata-kata for many parts of di kontri as some banks dey hoard di new naira notes and customers no see both new and old naira notes collect for counter and ATMs. Dis one make some angry customers attack banks and stage protests for some parts of di kontri.

For Warri, Delta State, one video show where bank customers dey climb step escape sake of say angry customers wey no see cash collect begin attack di bank staff. Oda videos show some bank customers dey naked diasef to protest sake of say dem no see moni collect for bank.

Oda videos show ATMs wey angry customers destroy for Abeokuta Ogun state sake of dia lack of access to cash. Some banks don shut down to guarantee dia staff safety while some dey close early and also take oda preventive measures against kasala.

To calm dia customers down, viral videos how some banks dey buy soft drinks for dia customers wey dey inside banking hall and di ones wey dey queue to use di ATMs.

As e be so n di Supreme Court ruling na im everybody dey wait for wetin di seven man panel go tok.