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Tuesday, June 18, 2024

Naira Swap Deadline: FG files objection against Supreme Court order 

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The federal government Wednesday filed a preliminary objection challenging the application by Kaduna, Zamfara and Kogi states against the implementation of the February 10 currency swap deadline.

In the objection filed by Mahmud Magaji (SAN), the federal government argued that the suit ought not to have been brought before the Supreme Court as the reliefs sought were against an agency of the federal government, the CBN on its powers to withdraw old banknotes and introduce new ones under the CBN Act, 2007.

The federal government argued that the Federal High Court had the proper jurisdiction to entertain such suits under Section 251(1)(a)(p)(q) & (r) of the Constitution (exclusive jurisdiction of the Federal High Court).

While contending that the action before the apex court constituted an abuse of judicial process, the federal government said the state governments have no locus standi and reasonable cause of action to warrant the “invocation of the original jurisdiction of this honourable court.”

Before the objection by the federal government, the Supreme Court earlier on Wednesday ordered the CBN to allow the use of the old N1000, N500 and N200 notes beyond February 10 and fixed February 15 to hear the case.

A seven-member panel of justices presided by Justice John Inyang Okoro made the restraining order in a unanimous ruling.

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