Dismiss suit challenging old naira notes, FG tells Supreme Court

The Federal Government has asked the Supreme Court to dismiss a suit challenging the February 10 deadline for the circulation of old naira notes.

The Central Bank of Nigeria (CBN), which redesigned the naira, had fixed January 31 as the deadline of the old notes to be legal tender.

But the deadline was extended to February 10 after intense pressure on the government and the apex bank.

‘Extend timeframe for naira redesign implementation’, Governors write Buhari

Tinubu hails govs over S/Court ruling on CBN’s naira swap policy

Last week, Godwin Emefiele said the apex bank was not considering extending the deadline.

The All Progressives Congress (APC) Governors had met with President Buhari over the issue and the president asked them to give him seven days to look into it.

But the governments of Kaduna, Kogi, and Zamfara states headed for the court to challenge the CBN.

In its ruling on Wednesday, a seven-member panel led by Justice John Okoro halted the Federal Government’s move.

The apex court ordered commercial banks and other financial institutions to continue transacting with the old notes pending the determination of the motion at the apex court on February 15.

In a preliminary objection filed on Wednesday through his lawyers, Mahmud Magaji and Tijanni Gazali, the Attorney-General of the Federation (AGF) argued that the Supreme Court lacked the jurisdiction to entertain the matter.

The AGF contended that the plaintiffs have equally not shown reasonable cause of action against the defendant.

Reports of the objection got to the media hours after Buhari, Emefiele and Malami met at Aso Rock over the naira redesign issue,