Malami asks Supreme Court to dismiss suit challenging naira swap policy

The Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami (SAN) has asked the Supreme Court to dismiss a suit filed by the governments of Kaduna, Zamfara and Kogi States challenging the naira redesign policy of the Central Bank of Nigeria (CBN).

The Federal Government argued in a notice of preliminary objection dated February 8, 2023, filed by the AGF through his counsel, Mahmud Magaji and Tijanni Gazali, both Senior Advocate of Nigeria (SAN) that the Supreme Court lacks jurisdiction to hear the case.

The AGF argued that the plaintiffs have equally not shown reasonable cause of action against the defendant and asks the court to dismiss the case for lacking jurisdiction.

The defense lawyers argue that the suit of the three state governments falls within the exclusive jurisdiction of the Federal High Court in matters of monetary policy of a Federal Government agency under Section 251 of the Constitution.

“The claims or reliefs are not against the federation, but the Federal Government and its Agency, the CBN. The Federal Government of Nigeria is distinct from the Federation or the Federal Republic of Nigeria. The Plaintiffs have no grievance whatsoever against the Federation of Nigeria.

The three state governments in their suit dated February 3 are praying the apex court to order President Muhammadu Buhari, the CBN and commercial banks to rescind the February 10 deadline for the use of the old N200, N500, and N1000 banknotes as legal tender in Nigeria.

In response to the plaintiffs’ ex parte request, the Supreme Court ordered the Federal Government to halt the implementation of the currency redesign policy pending the outcome of the substantive suit.

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