The Supreme Court insists the old N200, N500 and N1000 notes remain legal Tender and has adjourned the consolidated application filed by 10 state governments challenging the naira redesign policy till March 3rd.
After consolidation of the suit by the interested state governments, counsel for the Federal Government, Kanu Agabi, said the Supreme Court has no jurisdiction to hear the suit as the action cannot commence with an Originating Summons.
He premised his submission on the notion that all reliefs are rooted in section 20 of the CBN Act and also wondered why the plaintiffs did not bring the CBN governor to court as a respondent, after making reference to him 32 times in their Originating Summons.
Presenting his argument, the Attorney General of Kano State, who is a co-plaintiff, argued that President Muhammadu Buhari sidelined members of the National Economic Council and erred when he decided to exercise his powers without consulting with the state governments as required by the law.
The seven-man panel of the apex court led by Justice Iyang Okoro approved the matter for judgement after all the parties adopted their briefs of arguments.