BREAKING: Naira Redesign Policy: KNSG Files Suit Against FG

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The Kano State Government on Thursday evening filed a suit against Federal Government of Nigeria at the Supreme Court in respect of Naira redesign policy of the CBN.

In a Suit Number: SC/CS/200/2023, sighted by our reporter on Friday, the Kano State Attorney General, through his Counsel, Sunusi Musa (SAN) is seeking the Apex court to declare that the President of Nigeria, cannot unilaterally 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.

The Kano state Government is praying a mandatory order seeking for a reversal of the Federal Government policy to recall the N200, N500 and N1,000 notes from circulation, for affecting the economic well-being of over 20 million of Kano citizens.

The Applicant is also seeking for mandatory order, compelling the Federal Government of Nigeria to reverse the Naira redesign policy for alleged failure to comply with 1999 (as amended) constitution of the Federal Republic of Nigeria.

The Applicant is simirlarly praying for mandatory seeking the Apex court to compel FGN to reverse the cash swap policy for allegedly not complying with the 1999 constitution of the FRN and other extant legislation.

“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 praying for a declaration, that the President directive to the CBN for the implementation of cash withdrawal limits policy pursuant to the demonetization of Federal Republic of Nigeria without recourse to the Federal Executive Council and National Economic Council respectively is unconstitutional, illegal null and void.

The Applicant is also praying for a mandatory order reversing the policy of the Federal Government on the recall of the old currency notes for allegedly failure to comply with the provisions of Constituiton and other extant legislation.

Recall that on Wednesday, the Supreme Court gave an interim order to the Central Bank of Nigeria not to end the use of old naira notes on 10 February in an exparte application by the three applicant states including Kaduna, Kogi and Zamfara.

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