FG Obeys Supreme Court Order, Suspends Expiration Of Old Naira Notes
Vondigest reports that FG has obeyed the Supreme Court order to suspend the expiration of old Naira Notes usage.
This online platform gathered that the Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami has said that the federal government will obey the supreme court ruling on the old naira notes which put on hold the Central Bank of Nigeria (CBN) demonetisation policy but the government would take necessary steps to set aside the interim order.
The Supreme Court had in a ruling on Wednesday suspended the CBN deadline for demonetisation policy and fixed February 15 for hearing on the matter.
Malami clarified that the federal government, out of its regard for the rule of law, would abide by the order of the apex court, even though it intended to challenge it and would do so within the provisions of the law.
Malami spoke during an interview on ARISE News Channel, yesterday.
The comments by the minister came as THISDAY gathered that the federal government had filed reasons before the Supreme Court as to why the suit by three states challenging the February 10 deadline fixed by the CBN for phasing out the old N1, 000, N500, and N200 banknotes should be struck out.
Yesterday also, the CBN attributed the continued scarcity of new banknotes to hoarding in certain quarters.
But the National Security Adviser (NSA), Maj. Gen. Babagana Monguno, appealed to the House of Representatives to come up with practicable solutions to the attendant economic crisis arising from the scarcity of the redesigned naira notes.
However, a civil society group, the Alliance for Surviving Covid-19 and Beyond (ASCAB) advised the CBN to obey the order of the Supreme Court, which temporarily restrained it from going ahead with the plan to phase out the old banknotes from today, until after hearing on the matter.
A seven-member panel of the apex court presided by Justice John Okoro had on Wednesday temporarily stopped the CBN from effecting the scheduled ban of old naira notes in N200, N500 and N1,000 denominations from February 10.
The order was issued during a ruling on an ex parte application brought by Kaduna, Kogi, and Zamfara states against the AGF. They had asked the court to issue an interim injunction against the government, pending the hearing and determination of their suit challenging the naira redesign policy of the CBN.
The three states argued, among others, that the policy had brought an excruciating situation upon the country and unless the Supreme Court intervened timeously there might be anarchy in the country.
According to them, since the announcement of the policy, there has been an acute shortage in the supply of the new naira notes in their states, thereby making it very difficult and nearly impossible for citizens to access the new notes.
While they argued that the notice period given by the federal government was inadequate, they claimed that the CBN did not follow laid down procedure for implementation of the policy.
In a short ruling, the apex court granted the interim order and restrained the federal government from banning the old naira notes, pending the determination of the suit. The Supreme Court subsequently fixed hearing for February 15.
But reacting to the interim order of the apex court, the AGF, while speaking with Arise News Channel yesterday, stated that it was within the right of the government to challenge any order it was not pleased with. He said the government would do so in this matter using the instrumentality of the law.
Malami stated, “The rule of law provides that there has to be obedience to the judgement and orders of the Supreme Court. The rule of law provides that when you are not happy with a ruling you can file an application for setting it aside and in compliance with the rights and privileges vested in us as a government, we are equally looking at challenging the order and seeking for it to be set aside.”
In a short ruling, the apex court granted the interim order and restrained the federal government from banning the old naira notes, pending the determination of the suit. The Supreme Court subsequently fixed hearing for February 15.
But reacting to the interim order of the apex court, the AGF, while speaking with Arise News Channel yesterday, stated that it was within the right of the government to challenge any order it was not pleased with. He said the government would do so in this matter using the instrumentality of the law.
Malami stated, “The rule of law provides that there has to be obedience to the judgement and orders of the Supreme Court. The rule of law provides that when you are not happy with a ruling you can file an application for setting it aside and in compliance with the rights and privileges vested in us as a government, we are equally looking at challenging the order and seeking for it to be set aside.”
Malami disclosed that the federal government had already put machinery in place to challenge the jurisdiction of the apex court to hear the suit of the three states. He contended that the singular fact that the CBN was not joined as a party in the suit robbed the apex court of necessary jurisdiction.
He said when the court reconvened next Wednesday, the federal government, on one hand, would be challenging the jurisdiction of the apex court to entertain the suit, and on the other, see how the interim order would be vacated.
He said, “The order was granted by the Supreme Court and the order incidentally lapses on Wednesday, which is the day of the hearing, with that position in mind we have taken steps to file an objection challenging the jurisdiction of the court to entertain the matter.”
The minister explained, “Jurisdiction on the grounds that when you talk of monetary policy, regardless of the characters they take, the central bank is an indispensable and a necessary party for that matter.
“What we have at hand is a situation where the central bank was not joined as a party and if the central bank as an institution was not joined as a party, the position of the law is clear that the original jurisdiction of the Supreme Court cannot be properly invoked.
“So we have given considerations to diverse issues, inclusive of the issue of jurisdiction, and come Wednesday we will argue the case from that perspective, among others.”
