Naira redesign policy: Lawyer picks holes in Supreme Court judgment

A Lagos-based Lawyer, Barrister Abumere Osara, has picked holes in Wednesday judgment by the Supreme Court on Central Bank of Nigeria (CBN) Naira redesign policy.

The apex court had on Wednesday morning in considering a law suit brought before it by the governments of Zamfara, Kogi and Kaduna States gave an interim injunction against the CBN and the Federal Government, allowing the old N200, N500 and N1000 to remain legal tender beyond the February 10 deadline until the case is fully disposed.

Reacting to the judgement on Wednesday, Osara explained that having regard to the clear provisions of section 232 (1) of the 1999 Constitution, he doubted whether the action is competent as it does not qualify as a dispute between the Federation and a State so as to enable Kaduna State or any other State for that matter to invoke the original jurisdiction of the Supreme Court.

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“There is a distinction between the Federal Government of Nigeria and the Federation and or Federal Republic of Nigeria.

According to him, the CBN is a wholly owned entity of the Federal Government of Nigeria, created by law with power to sue and be sued in its own name.

“Its policy and programmes cannot be elevated to the status of the policy of the Federation.

“Ordinarily, one would have expected the Panel to question the applicant to address’s it on the issue of jurisdiction. I hope that they would do so on 15th February 2023.

“In my view, the CBN is an arm of the Federal Government of Nigeria and therefore can be regarded as an agency of the Federal Government of Nigeria just like you have the Federal Board of Inland REVENUE, EFCC, NPA, THE POLICE etc.

According to the lawyer, the grouse is with the policy of CBN and not the Federation.

“The proper court is the High Court and not the SUPREME COURT,” he added.

Meanwhile, the federal government is yet to response to the ruling.